Pfizer Animal Health of New York has acquired Synbiotics Corp., a Kansas City, Mo.-based developer and manufacturer of immunodiagnostic tests for companion and food production animals.
The acquisition marks Pfizer Animal Health’s entry into the veterinary diagnostics sector.
“By integrating animal health diagnostics with our innovative portfolio of vaccines and medicines, we can do more to help veterinarians deliver optimal care for livestock and companion animals and provide the right medicine to the right animal at the right time,” said Juan Ramon Alaix, president of Pfizer Animal Health.
The move will also allow the company to expand into products for diagnostic reference laboratories and reproductive services for canine breeders, Alaix added.
Synbiotics estimates that its common shareholders will be entitled to receive up to about $0.306 per share in cash in connection with acquisition, of which about $0.019 per share will be held in escrow as a fund against which Pfizer may make claims for losses arising from any breaches of Synbiotics’ representations, warranties, covenants and agreements and similar customary matters, according to Paul Hays, CEO of Synbiotics.
Veterinary immunodiagnostics, a methodology using antigen-antibody reaction to detect viruses or bacteria in animals, is a sector growing an estimated 8 percent annually, twice the rate of the animal health industry as a whole, according to Pfizer Animal Health. The global immunodiagnostics market is valued at $735 million, the company noted citing industry sources.
The growth is attributed to increased interest among companion animal owners in monitoring the health and maintaining wellness of their pets and livestock producers placing greater emphasis on immunodiagnostics to safeguard the health of livestock animals.