"We are pleased with the sale of our animal healthcare business to Bayer HealthCare, a leader in animal healthcare," said Itzhak Krinsky, Group Executive Vice President and Head of Business Development of Teva Pharmaceutical Industries Ltd.
"Today's transaction represents a successful outcome for both parties and is a part of our global strategic planning."
The potential $145 million deal reflects Teva's commitment to focus its efforts on human health and it's core expertise of providing generic and branded medicines to patients around the world, in alignment with its strategy to focus on its core business assets.
If approved, the acquisition will further strengthen Bayer's food animal franchise, bringing a range of anti-infective solutions to treat infections in livestock populations and introducing reproductive hormones to Bayer's product offerings. Additionally, it will broaden Bayer HealthCare Animal Health's growing companion animal business by expanding its current offerings to also include dermatological, pet wellness and nutraceutical products.
"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. We believe it will be a win-win for both our customers and our combined employee bases."
The purchase price includes an upfront payment of $60 million plus a total of $85 million in milestone payments, which are linked to the successful and timely achievement of manufacturing and sales targets. The transaction, encompassing a manufacturing site in St. Joseph, Missouri and around 300 employees, is expected to close in 2013, subject to antitrust clearance and satisfaction of other conditions.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global pharmaceutical company, committed to increasing access to high-quality healthcare by developing, producing and marketing affordable generic drugs as well as innovative and specialty pharmaceuticals and active pharmaceutical ingredients. Headquartered in Israel, Teva is the world's leading generic drug maker, with a global product portfolio of more than 1,300 molecules and a direct presence in about 60 countries. Teva's branded businesses focus on CNS, oncology, pain, respiratory and women's health therapeutic areas as well as biologics. Teva currently employs approximately 46,000 people around the world and reached $18.3 billion in net revenues in 2011.
About Teva Animal Health
Teva Animal Health is an important provider of
proprietary and generic products to the US animal health market, including
products marketed under the DVM Pharmaceuticals brand. Teva is investing
heavily in a comprehensive, phased renovation of its facilities bringing cGMP
manufacturing capabilities that we believe are foremost in the animal health
industry. This positions us well to move forward with an emphasis on branded
products and value-added generics for the US animal health care market.
About Bayer HealthCare
The Bayer Group is a global enterprise with core
competencies in the fields of health care, nutrition and high-tech materials.
Bayer HealthCare, a subgroup of Bayer AG with annual sales of EUR 17.2 billion
(2011), is one of the world's leading, innovative companies in the healthcare
and medical products industry and is based in Leverkusen, Germany. The company
combines the global activities of the Animal Health, Consumer Care, Medical
Care and Pharmaceuticals divisions. Bayer HealthCare's aim is to discover,
develop, manufacture and market products that will improve human and animal
health worldwide. Bayer HealthCare has a global workforce of 55,700 employees
(Dec 31, 2011) and is represented in more than 100 countries.
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