Zoetis completes acquisition of Tullamore-based animal therapeutic company
Zoetis and Nexvet announced that Zoetis has completed the acquisition of Nexvet, a biologic therapeutics company with headquarters in Tullamore, Ireland, developing a pipeline of monoclonal antibody (mAb) therapies for companion animals in pain and other therapeutic areas.
Under the terms of the transaction, Nexvet shareholders will receive US$6.72 per share representing an aggregate equity valuation of approximately US$85m.
The acquisition, which was first announced in April strengthens Zoetis’ pipeline of solutions for chronic pain management in dogs and cats. It became effective today by means of a scheme of arrangement under the Irish Companies Act 2014.
According to Zoetis, the acquisition strengthens its research and development pipeline in monoclonal antibodies and helps sustain leadership in chronic pain management for companion animals, a global area valued at $400m annually and one which is poised for innovation with new mAb therapies.
“The acquisition demonstrates our determination to lead the animal health industry in the development and commercialization of monoclonal antibody therapies in areas of high medical need,” said Dr. Alejandro Bernal, Executive Vice President and Group President, Strategy, Commercial and Business Development at Zoetis.
“The addition of Nexvet will strengthen our monoclonal antibody pipeline and help sustain our leadership in chronic pain management for companion animals. It is a prime example of how we at Zoetis are deploying capital to drive innovation and support future growth.”
The acquisition became effective today by means of a scheme of arrangement under the Irish Companies Act 2014.