November 11, 2015

Zoetis completes purchase of PHARMAQ

 

Zoetis Inc. announced that it has completed the purchase of PHARMAQ for a price of US$765 million on a debt-free basis, having fulfilled all closing requirements.

Zoetis purchased PHARMAQ from a company owned by Permira IV, a fund managed by the global investment firm, Permira, which has been the majority owner of the company since 2013.

"We are very pleased to welcome the PHARMAQ team to Zoetis, and we look forward to the future success we can build together as a market leader in aquatic health," said Juan Ramón Alaix, the CEO of Zoetis. "PHARMAQ's staff, products and late-stage pipeline give Zoetis a strong platform for growth in the fastest growing animal health market."

Zoetis plans to run the PHARMAQ business largely as a stand-alone operation within the company to help maintain its focus on critical customer needs and R&D objectives. Acquiring the company strengthens Zoetis' core livestock business, giving the company a market-leading presence in the fastest growing segment of the animal health industry.

PHARMAQ is a market leader in sales of vaccines for farmed fish, a market segment growing 10% annually. The company generated revenues of approximately US$80 million in 2014 and has a presence in the major aquaculture markets in the world.

PHARMAQ's revenue grew at a compound annual growth rate of 17% from 2005 to 2014. With about 200 employees, the company is based in Oslo, Norway, and has subsidiaries in Chile, the UK, Vietnam, Spain, Turkey, Panama, and Hong Kong. 

PHARMAQ's late-stage development pipeline includes critical new vaccines and next-generation parasiticides expected to enter the Norwegian, Chilean and UK markets in the near term.

With the recent acquisition, Zoetis adds vaccine brands such as AlphaJect® (an injectable vaccine) to its diverse portfolio of more than 300 product lines. It also includes parasiticides such as AlphaMax® to protect farmed salmon from sea lice.