LEVERKUSEN, Germany and SHAWNEE, Kan., Jan. 3, 2013 /PRNewswire/ -- Bayer HealthCare LLC announced today that it has received the necessary regulatory approvals to complete the acquisition of the U.S.-based animal health business of Teva Pharmaceutical Industries Ltd. (NYSE: TEVA). Bayer will pay up to 145 million USD following the achievement of successful manufacturing and sales targets. The transaction includes a manufacturing site in St. Joseph, Missouri and nearly 300 employees.
The acquisition, which was announced in September 2012, met all requirements contained in the initial agreement between Bayer and Teva, and recently received the necessary regulatory approval from the Federal Trade Commission.
"This acquisition fits nicely with our strategic goals. It allows us to strengthen and broaden our range of animal care solutions in the U.S. market," said Dr. Joerg Reinhardt, Chief Executive Officer, Bayer HealthCare.
Bayer HealthCare Animal Health's food animal franchise will be strengthened with the addition of a range of anti-infective solutions to treat infections in livestock populations. It also introduces reproductive hormones to Bayer's product offerings. Bayer's growing companion animal business is further enriched with the addition of dermatological, pet wellness and nutraceutical products.
"Bayer HealthCare is a leader in the companion animal and food animal health industry, and, now, more than ever, we are well positioned to offer our customers the range of animal care products they want and need," said Ian Spinks, President and General Manager, Bayer HealthCare Animal Health, North America. "Bayer HealthCare Animal Health is committed to providing veterinarians with the innovative solutions they seek to treat animals in their care. The combined portfolio attained through the acquisition strengthens our ability to achieve that commitment."
The acquisition features a portfolio of companion animal products, including: dermatology products sold under the DVM Pharmaceuticals brand, such as SynoviG3, HyLyt® and Relief®; as well as nutraceuticals encompassing joint and gastro-intestinal products, including the Synovi brands. Newly acquired food animal products include a broad range of anti-infectives, in addition to parasiticides, anti-inflammatory brands and reproductive hormones, such as Prostamate and Ovacyst.
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. Find more information at www.bayerhealthcare.com.
Forward-Looking Statements This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
SOURCE Bayer HealthCare LLC