The purchase price includes an upfront payment of $60 million plus a total of $85 million in milestone payments, which are linked to the successful and timely achievement of manufacturing and sales targets. Bayer said that the acquisition allows it to expand its companion and food animal product lines in the US by integrating the acquired assets into its animal health business.
Teva said that the transaction reflected its 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,” said Itzhak Krinsky, Group Executive Vice President and Head of Business Development at Teva. “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 - 2/3 - 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."
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