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Teva To Sell Israeli Vet Business

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Teva Pharmaceutical Industries Ltd. has entered into a definitive agreement to sell its Israeli-based veterinary business unit to Phibro Animal Health Corp. of Ridgefield Park, N.J., for $47 million.

The transaction, still subject to certain conditions, is expected to close in the first quarter of 2009.

The unit develops, manufacturers and markets veterinary products for poultry and other large farm animals, both in Israel and internationally, including Southeast Asia, Africa, Latin America and Eastern Europe.

Phibro Animal Health has a subsidiary, Koffolk, in Israel.

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