Zoetis to Acquire Farmed Fish Vaccine Firm for $765 Million
November 02 2015 - 6:32PM
Dow Jones News
By Tess Stynes
Zoetis Inc. (ZTS) agreed to acquire Pharmaq, a maker of vaccines
for farmed fish, for $765 million, in a deal that expands the
animal-health company's livestock segment.
Pharmaq, which is majority owned by global investment firm
Permira, generated roughly $80 million in revenue in 2014. The
Oslo, Norway, company has about 200 employees. The aquaculture
company's late-stage development pipeline includes new vaccines and
next-generation parasiticides expected to enter the Norwegian,
Chilean and U.K. markets near term.
Zoetis, which was spun off by drug company Pfizer Inc. in 2013,
is the world's leading seller of vaccines and medicines for
livestock and household pets by sales.
After the deal closes, expected on or about Nov. 10, Pharmaq is
expected to run largely as a stand-alone operation within Zoetis.
The transaction is expected to add to Zoetis's earnings in
2017.
During August, Zoetis reported that it swung to a second-quarter
loss on costs related to its restructuring plans, though revenue
and adjusted profit topped expectations as sales of its pet and
livestock medicines grew.
Zoetis is expected to provide more details about the planned
acquisition during its third-quarter earnings conference call on
Tuesday.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 02, 2015 18:17 ET (23:17 GMT)
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