Heska Announces Agreement with Elanco Animal Health
LOVELAND, Colo., June 24, 2013 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA, "Heska"), a leading provider of veterinary diagnostic and specialty products, announced today the sale of certain non-core assets useful for the production of both bovine and feline vaccines to Elanco Animal Health ("Elanco"), a division of Eli Lilly and Company. Heska does not anticipate any change in its current bovine and feline vaccine production at its wholly-owned facility in Des Moines, Iowa as a result of the agreement with Elanco. Financial terms were not disclosed.
"We are pleased to announce our first formal relationship with Elanco, the fourth largest animal health company in the world. Elanco has demonstrated their commitment to establishing a strong position in animal vaccines," commented Michael McGinley, Heska's President, Pharmaceuticals and Biologicals. "Heska had a limited direct involvement in the market segments covered under this agreement. The sale of these assets will strengthen our balance sheet and allow us to invest in areas more closely aligned with our strategic focus as well as offer potential future opportunities for our Other Vaccines, Pharmaceuticals and Products business segment."
Heska Corporation (NASDAQ: HSKA - News) sells advanced veterinary diagnostic and other specialty veterinary products. Heska's state-of-the-art offerings to its customers include diagnostic instruments and supplies as well as single use, point-of-care tests, pharmaceuticals and vaccines. The Company's core focus is on the canine and feline markets where it strives to provide high value products and unparalleled customer support to veterinarians. For further information on Heska and its products, visit the company's website at www.heska.com.
This announcement contains forward-looking statements regarding Heska's future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties. Additional factors that could affect the business and financial results of Heska generally include the following: uncertainties related to Heska's ability to negotiate any economically successful future agreement with a third party, including with Elanco; uncertainties related to the reputation of Heska's products and the impact of such perceptions on Heska's financial performance; uncertainties related to the return on any future investment; risks related to reliance on large customers; uncertainties related to Heska's future profitability; uncertainties related to the performance of third parties to whom Heska has granted substantial marketing rights; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's quarterly and annual reports such as Heska's 10-Q for the three month period ending March 31, 2013.
SOURCE Heska Corporation