Zoetis to sell medicated feed additive portfolio to Phibro in $350 mln deal
Zoetis Inc will sell its medicated feed additive portfolio and certain other assets to Phibro Animal Health in a $350 million deal. The agreement also includes some of Zoetis' water soluble products and manufacturing sites. The transaction will involve over 300 Zoetis employees transitioning to Phibro Animal Health. The deal will be funded primarily with debt and is expected to be accretive to Phibro's earnings per share and profitability.
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.