Bayer HealthCare LLC of Bayer AG (BYR.L,BAYRY.PK,BAYZF.PK) and Teva Pharmaceutical Industries Ltd. (TEVA: Quote) announced that they entered into an agreement in which Bayer will acquire the U.S. based animal health business of Teva for up to $145 million. 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 acquisition allows Bayer to expand its companion and food animal product lines in the United States by integrating the acquired assets into its animal health business. The transaction is expected to close in 2013.
Ian Spinks, president and general manager, Bayer HealthCare Animal Health North America, commented, "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. 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."
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by RTT Staff Writer
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