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A farmed fish vaccination. (Photo Credit: Pharmaq)
Pharmaq to be acquired by veterinary firm for USD 765 million
(UNITED STATES, 11/3/2015)
Veterinary firm Zoetis has settled an agreement with a fund managed by Permira to purchase Pharmaq, a global leader in vaccines and innovation for health products in aquaculture, for USD 765 million on a debt-free basis.
With this acquisition, Zoetis expects to strengthen its core livestock business, giving the company a market-leading presence in the fastest growing segment of the animal health industry.
“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,” pointed out 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,” the CEO added.
Oslo-based Pharmaq generated revenues of approximately USD 80 million in 2014 and has a presence in the major aquaculture markets in the world, such as Chile, the United Kingdom, Vietnam, Spain, Turkey, Panama, and Hong Kong.
“We see a tremendous opportunity to grow our business as part of Zoetis,” stressed 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,” Nordstad added.
Pharmaq’s well-respected R&D organization addresses many of the most pressing health needs of the aquaculture industry. Its late-stage development pipeline includes important new vaccines and next-generation parasiticides expected to enter the Norwegian, Chilean and UK markets in the near term.
With this acquisition, Zoetis adds vaccine brands such as AlphaJect® (an injectable vaccine) to its diverse portfolio of more than 300 product lines. It also adds parasiticides such as AlphaMax® to protect farmed salmon from sea lice. Pharmaq diagnostic products complement the Zoetis diagnostics business and support customers with early detection of infection and rapid response through more customized solutions. Pharmaq also provides dip/immersion vaccines, therapeutics, and technical support services tailored to the needs of farmed fish operations.
Zoetis expects to complete the acquisition on or about 10 November, 2015, and it intends to draw on its revolving credit facility to finance the transaction.
editorial@seafood.media
www.seafood.media
Information of the company:
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Address:
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Production facility - Skogmo Industriområde
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City:
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Overhalla
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State/ZIP:
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(NO-7863)
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Norway
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Phone:
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+47 2329 8500
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Fax:
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+47 2329 8501
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E-Mail:
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info@pharmaq.no
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