GLOBAL - Zoetis has announced it is to acquire PHARMAQ, a global leader in vaccines for the aquaculture industry, for a $765 million on a debt free basis.
Acquiring PHARMAQ will strengthen Zoetis’ core livestock business, giving the company a market-leading presence in the fastest growing segment of the animal health industry.
It will also enable PHARMAQ to maintain and strengthen its global leadership position.
Zoetis is purchasing PHARMAQ from a company owned by Permira IV, a fund managed by global investment firm Permira, which has been the majority owner of the company since 2013.
"We see a tremendous opportunity to grow our business as part of Zoetis," said Morten Nordstad, Chief Executive Officer at PHARMAQ.
"Zoetis has proven expertise in supporting livestock producers with high-quality products and technical services that help improve animal health, productivity and profitability. By combining our experience and R&D capabilities, we believe we can optimize our industry leading ability to develop vaccines and medicines for farmed fish. With Zoetis' global footprint, we can deliver greater value to more customers around the world and accelerate our geographic expansion plans. This acquisition is a testimony to our success and to the highly skilled, innovative and hard-working employees of PHARMAQ."
"This acquisition is a great strategic fit that brings to Zoetis an animal health leader with similar competitive advantages - an industry-leading portfolio, strong customer relationships, and world-class innovation and manufacturing," said Zoetis Chief Executive Officer Juan Ramón Alaix.
"We are gaining a new platform for growth and value creation that we can expand. PHARMAQ strengthens our core livestock business by providing market leadership in aquatic health and a strong late-stage pipeline in the world's largest category of protein and fastest growing animal health market."
"We are excited to welcome the team from PHARMAQ, who share our passion for supporting customers and keeping livestock healthy and productive," said Alejandro Bernal, Executive Vice President, Strategy, Commercial and Business Development for Zoetis.
"To ensure its continued success, the PHARMAQ business will run largely as a stand-alone operation within Zoetis and maintain its focus on critical customer needs and R&D milestones."
The acquisition is expected to be completed on or about 10 November, 2015.
TheFishSite News Desk