Pfizer Welcomes Agreement With Elanco On Divested Assets16 March 2010
FRANCE - Pfizer Animal Health has welcomed the signing of an agreement between Pfizer and Elanco, the animal health business unit of Eli Lilly and Company, under which Elanco will acquire European rights to a portfolio of certain Pfizer Animal Health and legacy Fort Dodge Animal Health products.
The divestiture of these products is in connection with the regulatory approval process associated with Pfizer's acquisition of Wyeth, including Fort Dodge Animal Health, which was completed on 15 October 2009. Completion of the transaction with Elanco is contingent upon approval by European regulatory authorities and other closing conditions.
Albert Bourla, Pfizer Animal Health Area President of Europe, Africa, Asia and Pacific Region, said: "This divestiture follows Pfizer's acquisition of Wyeth that furthered our commitment to the industry by providing even more comprehensive treatment options across the animal health market. We are continuing to build a new Pfizer Animal Health in Europe by delivering a product portfolio across all species, investing in innovation and new partnerships, and extending our Value Added Services program."
Under the terms of the agreement, Elanco will acquire European rights to a portfolio of products previously marketed by Pfizer Animal Health and Fort Dodge Animal Health, including vaccines, parasiticides and feed additives, that are used in both food production animal and companion animal segments, as well as a Fort Dodge biologicals manufacturing facility in Sligo, Ireland. All current Sligo employees are expected to transfer to the new company.
In order to ensure an uninterrupted supply of product to customers, both companies have also signed corresponding manufacturing supply agreements for certain products. No other terms of the transaction were disclosed.
TheFishSite News Desk