Zoetis is purchasing FARMAQ from Permira IV, a fund managed by the investment firm Permira.
“This acquisition is a great strategic fit that brings to Zoetis an animal health leader with similar competitive advantages — an industry-leading portfolio, strong customer relationships, and world-class innovation and manufacturing,” Zoetis CEO Juan Ramón Alaix said in a prepared statement. “We are gaining a new platform for growth and value creation that we can expand. PHARMAQ strengthens our core livestock business by providing market leadership in aquatic health and a strong late-stage pipeline in the world’s largest category of protein and fastest growing animal health market.”
PHARMAQ current has about 200 employees based in Oslo, Norway, and has subsidiaries in Chile, the United Kingdom, Vietnam, Spain, Turkey, Panama and Hong Kong.
“We see a tremendous opportunity to grow our business as part of Zoetis,” Morten Nordstad, CEO at PHARMAQ, said in a prepared statement. “Zoetis has proven expertise in supporting livestock producers with high quality products and technical services that help improve animal health, productivity and profitability. By combining our experience and R&D capabilities, we believe we can optimize our industry-leading ability to develop vaccines and medicines for farmed fish. With Zoetis’ global footprint, we can deliver greater value to more customers around the world and accelerate our geographic expansion plans. This acquisition is a testimony to our success and to the highly skilled, innovative and hard-working employees of PHARMAQ.”
Zoetis expects the acquisition to be complete on or about Nov. 10.”