Zoetis Closes USD 85m Acquisition of Irish Animal Drug Developer Nexvet Biopharma.
31 July 2017 - US-based veterinary pharmaceutical company Zoetis Inc. (NYSE: ZTS) has closed the acquisition of Irish drug developer Nexvet Biopharma plc (NASDAQ: NVET) for a purchase price of USD 6.72 per share, representing an aggregate equity valuation of approximately USD 85m, the company said on Monday.
Nexvet is an innovator in monoclonal antibody therapies for companion animals.
The acquisition will strengthen Zoetis' pipeline of solutions for chronic pain management in dogs and cats, which represents an area of high-need in companion animal health.
This per share consideration represents a 66% premium over Nexvet's closing price on 12 April 2017.
Nexvet, founded in 2010 and headquartered in Tullamore, Ireland, is a biologic therapeutics company with a pipeline of monoclonal antibody therapies being developed for companion animals in pain and other therapeutic areas.
The company has research and development operations in Melbourne, Australia, a manufacturing facility in Tullamore, and a US office in San Francisco.
Nexvet's pipeline product ranevetmab, a mAb targeting nerve-growth factor for treatment of chronic pain associated with osteoarthritis in dogs, would, upon approval, be the companion animal industry's first monoclonal antibody therapy administered monthly by injection for chronic pain.
Ranevetmab would enable Zoetis to expand its portfolio of solutions for chronic pain in dogs.
Nexvet is also developing frunevetmab, a monoclonal antibody targeting NGF to treat chronic pain associated with osteoarthritis in cats.
Zoetis has been in the treatment of osteoarthritis pain and inflammation in dogs for two decades with the company's Rimadyl (carprofen), the first non-steroidal anti-inflammatory drug (NSAID) product approved for use in dogs.
The company has also developed and markets the NSAID product Trocoxil (mavacoxib), a COX-2 inhibitor approved in the European Union and other international markets to treat arthritis pain and inflammation in dogs.
Under the terms of the proposed acquisition, Nexvet shareholders will receive USD 6.72 in cash per ordinary share.
The cash consideration payable by Zoetis under the terms of the proposed acquisition will be funded by cash on hand.
Target: Nexvet Biopharma
Buyer: Zoetis Inc
Deal size in USD: 85m
Type: Corporate Acquisition
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Jul 31, 2017|
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