Zoetis to sell medicated feed additive portfolio to Phibro in $350 mln deal

Phibro Animal Health

29/04/2024 24:11

April 28 (Reuters) - Top animal health company Zoetis
Inc  ZTS.N  will sell its medicated feed additive portfolio and
certain other assets to animal nutrition company Phibro Animal
Health  PAHC.O  in a $350 million deal, the two companies said
on Sunday.
    The agreement would also involve some of Zoetis' water
soluble products and six manufacturing sites across the U.S.,
Italy and China, the firms said in a statement.
    More than 300 Zoetis employees across manufacturing,
distribution and commercial activities would transition to
Phibro Animal Health, they said.
    The portfolio would be accretive to its adjusted
earnings per share, profitability and EBITDA margin in a deal
that would be funded primarily with debt, the companies said.
    New-Jersey based Phibro Animal Health is an animal nutrition
company with over 1,400 employees, while Zoetis, which generated
$8.5 billion in revenue in 2023, is an animal health company
with about 14,100 employees.
    

 (Reporting by Kanjyik Ghosh in Bengaluru; editing by Diane
Craft)
 ((Kanjyik.Ghosh@thomsonreuters.com;))