Bayer To Buy Teva Animal Health For $145 Million
Posted: Sept. 14, 2012, 6:45 p.m. EDT
Bayer HealthCare LLC of Shawnee, Kan., plans to acquire the animal health business of Teva Pharmaceutical Industries Ltd. of Jerusalem, for up to $145 million, the companies reported Thursday.
The companies signed an agreement through which Bayer will acquire Teva’s animal health business for an upfront payment of $60 million plus $85 million in milestone payments linked to manufacturing and sales targets.
Bayer will acquire Teva’s portfolio of animal health products, including the DVM Pharmaceuticals brand of veterinary dermatology products, a line of companion animal nutraceuticals and several food animal products, including anti-infectives, parasiticides, anti-inflammatories and reproductive hormones. Bayer will also obtain Teva’s manufacturing site in St. Joseph, Mo., which employees about 300 people.
“Bayer’s acquisition of Teva Animal Health will further strengthen and broaden our U.S. range of animal care solutions so that, together with our customers, we can continue to protect, cure and care for animals across America,” said Ian Spinks, president and general manager of Bayer Healthcare Animal Health North America. “The businesses are a great strategic fit, and Teva’s animal health portfolio adds new depth for us across both the companion and food animal areas.”
The companies expect to close the deal in 2013, subject to antitrust clearance and satisfaction of other conditions, they reported.