August 27, 2010

CEVA buys Summit VetPharm LLC

 

Veterinary pharmaceutical company CEVA (US) announced Thursday (Aug 26) an agreement to buy a majority stake in Summit VetPharm LLC, an animal health subsidiary of Sumitomo Corp. of America and Sumitomo Corp.

Sumitomo will remain a minority shareholder in the new North American CEVA companion animal business, which will include the assets of Summit, the announcement said, adding that the proposed purchase "brings CEVA into the large market of flea and tick control."

The purchase price was not disclosed. However, CEVA said that further cooperation with Sumitomo will provide the Lenexa firm with "the ability to source and develop new molecules from Japan.

CEVA is the ninth-largest animal health company in the world headquartered in France.