Animal health specialist firm Zoetis of Parsippany, New Jersey recently completed an approximately $85 million acquisition of Irish biologic therapeutics business Nexvet Biopharma PLC, with the deal expected to boost the company’s market share.
First publicized in April, the transaction fortifies Zoetis’ product line of chronic pain management medication for dogs and cats; it became fully effective at the end of July.
“The acquisition demonstrates our determination to lead the animal health industry in the development and commercialization of monoclonal antibody therapies in areas of high medical need,” Dr. Alejandro Bernal, Zoetis’ executive vice president, said. “The addition of Nexvet will strengthen our monoclonal antibody pipeline and help sustain our leadership in chronic pain management for companion animals. It is a prime example of how we at Zoetis are deploying capital to drive innovation and support future growth.”
Zoetis’ research indicates that pain management in companion animals embodies a global market worth approximately $400 million annually. Thanks to the acquisition, Nexvet’s investigations into remedies for canine and feline osteoarthritis will blend with Zoetis’ operations.
“Nexvet’s commitment to pioneering animal health monoclonal antibody technology, intellectual property and novel products has yielded an outcome which will see these developments reach their full commercial potential,” Nexvet Chairman Dr. George Gunn said. “I extend my appreciation to the Nexvet team who made this result possible due to their dedication and focus since the company’s foundation.”