Phibro to buy Teva’s veterinary division
Phibro Animal Health will purchase the veterinary business of Teva Pharmaceuticals for approximately US$47 million.
The transaction is subject to certain conditions, including Israeli antitrust approvals, and is expected to close in the first quarter of 2009.
Teva’s veterinary business unit, Abic, manufacturers and markets veterinary products for poultry and large farm animals, both in Israel and internationally, particularly in Southeast Asia, Africa, Latin America and Eastern Europe. The business operates a manufacturing facility in Israel with approximately 90 employees.
Abic was established in 1939 and has been wholly owned by Teva since 1988. The company has a wide range of poultry vaccines and also produces anti-infectives, anitparasitics, and vitamins and feed additives.Phibro is already present in Israel through its subsidiary Koffolk, which produces animal health products across farm animal species but is particularly strong in the poultry sector.