Teva sold Abic to Phibro Animal Health for $47 million.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) has sold its Jerusalem-based veterinary unit, Abic Biological Laboratories Teva Ltd. to New Jersey-based Phibro Animal Health Corporation for $47 million. Teva said that the deal will be closed during the first quarter of 2009.
Abic makes veterinary products for poultry and other large farm animals, particularly in Israel, Southeast Asia, Africa, Latin America and Eastern Europe, and has 90 employees.
Phibro has an Israeli subsidiary Koffolk Ltd.
Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2008
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