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Enables Bayer HealthCare to expand companion animal and food animal
product lines in the United States
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Transaction reflects Teva’s commitment to human healthcare, in
alignment with its strategy to focus on its core business assets
SHAWNEE, Kan. & JERUSALEM--(BUSINESS WIRE)--Sep. 14, 2012--
Bayer HealthCare LLC and Teva Pharmaceutical Industries Ltd. (NYSE:
TEVA) announced today that they have signed an agreement in which Bayer
will acquire the U.S. based animal health business of Teva for up to 145
million USD. The purchase price includes an upfront payment of 60
million USD plus a total of 85 million USD in milestone payments, which
are linked to the successful and timely achievement of manufacturing and
sales targets. The acquisition allows Bayer to expand its companion and
food animal product lines in the United States by integrating the
acquired assets into its animal health business. The transaction
reflects Teva’s commitment to focus its efforts on human health and its
core expertise of providing generic and branded medicines to patients
around the world. The transaction, encompassing a manufacturing site in
St. Joseph, Missouri and around 300 employees, is expected to close in
2013, subject to antitrust clearance and satisfaction of other
conditions.
“We are pleased with the sale of our animal healthcare business to Bayer
HealthCare, a leader in animal healthcare,” stated Itzhak Krinsky, Group
Executive Vice President and Head of Business Development of Teva
Pharmaceutical Industries Ltd. “Today’s transaction represents a
successful outcome for both parties and is a part of our global
strategic planning. We are committed to making disciplined decisions
that focus on our core businesses and strategically position the Company
as setting a new standard in both generic and branded medicines. As part
of our overall strategy to refine our global footprint, we will continue
to leverage our product portfolio and R&D efforts while selling or
out-licensing assets that no longer fit within the scope of our
business.”
If approved, the acquisition will further strengthen Bayer’s food animal
franchise, bringing a range of anti-infective solutions to treat
infections in livestock populations and introducing reproductive
hormones to Bayer’s product offerings. Additionally, it will broaden
Bayer HealthCare Animal Health’s growing companion animal business by
expanding its current offerings to also include dermatological, pet
wellness and nutraceutical products.
“Bayer’s acquisition of Teva Animal Health will further strengthen and
broaden our U.S. range of animal care solutions so that, together with
our customers, we can continue to protect, cure and care for animals
across America,” said Ian Spinks, President and General Manager, Bayer
HealthCare Animal Health North America. “The businesses are a great
strategic fit,” he continued, “and Teva’s animal health portfolio adds
new depth for us across both the companion and food animal areas. We
believe it will be a win-win for both our customers and our combined
employee bases.”
Teva Animal Health’s portfolio of companion animal products features a
full line of dermatology products sold under the DVM Pharmaceuticals
brand, including such products as Malaseb, HyLyt, Relief and others. The
companion animal business also has a broad line of nutraceuticals
encompassing joint and gastro-intestinal products, including the Synovi
brands. Food animal products acquired from Teva include a broad range of
anti-infectives, in addition to parasiticides, anti-inflammatory brands
and reproductive hormones such as Prostamate and Ovacyst.
About Teva
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic
drugs as well as innovative and specialty pharmaceuticals and active
pharmaceutical ingredients. Headquartered in Israel, Teva is the world's
leading generic drug maker, with a global product portfolio of more than
1,300 molecules and a direct presence in about 60 countries. Teva's
branded businesses focus on CNS, oncology, pain, respiratory and women's
health therapeutic areas as well as biologics. Teva currently employs
approximately 46,000 people around the world and reached $18.3 billion
in net revenues in 2011.
About Teva Animal Health
Teva Animal Health is an important provider of proprietary and generic
products to the US animal health market, including products marketed
under the DVM Pharmaceuticals brand. Teva is investing heavily in a
comprehensive, phased renovation of its facilities bringing cGMP
manufacturing capabilities that we believe are foremost in the animal
health industry. This positions us well to move forward with an emphasis
on branded products and value-added generics for the US animal health
care market.
About Bayer HealthCare
The Bayer Group is a global enterprise with core competencies in the
fields of health care, nutrition and high-tech materials. Bayer
HealthCare, a subgroup of Bayer AG with annual sales of EUR 17.2 billion
(2011), is one of the world’s leading, innovative companies in the
healthcare and medical products industry and is based in Leverkusen,
Germany. The company combines the global activities of the Animal
Health, Consumer Care, Medical Care and Pharmaceuticals divisions. Bayer
HealthCare’s aim is to discover, develop, manufacture and market
products that will improve human and animal health worldwide. Bayer
HealthCare has a global workforce of 55,700 employees (Dec 31, 2011) and
is represented in more than 100 countries. Find more information at www.bayerhealthcare.com.
Find more information at www.animalhealth.bayerhealthcare.com.
Forward-Looking Statements
This release may contain forward-looking statements based on current
assumptions and forecasts made by Bayer Group or subgroup management.
Various known and unknown risks, uncertainties and other factors could
lead to material differences between the actual future results,
financial situation, development or performance of the company and the
estimates given here. These factors include those discussed in Bayer’s
public reports which are available on the Bayer website at www.bayer.com.
The company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
Source: Teva Pharmaceutical Industries Ltd.
Teva Pharmaceutical Industries Ltd.
Denise Bradley, 215-591-8974
Denise.Bradley@tevapharm.com
or
Bayer
HealthCare
Staci Gouveia, 913-268-2577
staci.gouveia@bayer.com