Zoetis Inc. announced it will purchase Nexvet Biopharma veterinary biologic therapeutics company for US $6.72 per share, or a valuation of approximately US $85 million. Pending approval, the purchase is expected to be completed during the second half of 2017. According to Zoetis, headquartered in Parsippany, N.J., the acquisition will strengthen the company’s portfolio of solutions for chronic pain management in dogs and cats.
Nexvet, founded in 2010 and headquartered in Tullamore, Ireland, develops monoclonal antibody (mAb) therapies for companion animals in pain and other therapeutic areas. The company has research and development operations in Melbourne, Australia, a manufacturing facility in Tullamore, and an office in San Francisco.
Nexvet’s pipeline product ranevetmab, an mAb targeting nerve-growth factor for treatment of chronic pain associated with osteoarthritis in dogs, would, upon approval, be the companion animal industry’s first monoclonal antibody therapy administered monthly by injection for chronic pain.
Nexvet is also developing frunevetmab, a monoclonal antibody targeting NGF to treat chronic pain associated with osteoarthritis in cats.
Zoetis’ mAb therapy Cytopoint was licensed in the U.S. in December to control the clinical signs such as itching associated with atopic dermatitis in dogs. The company anticipates its approval in the European Union this year.