Indian drug company Zydus Cadila will acquire select animal health brands and a manufacturing unit from Zoetis Inc., according to reports. One news outlet reported the deal at $29 million.
Zydus says the acquisition will help the company gain access to a wide range of nutrition and therapeutic products.
'We believe that this strategic acquisition will strengthen our portfolio of brands and add new dimensions to our growth in the animal health business. We see this as an opportunity to catapult our business to higher levels of excellence,' Zydus Cadila Chairman and Managing Director Pankaj R. Patel said.
Last month, Zoetis reported that it had sold three facilities in North Carolina, Colorado and Arkansas to Huvepharma in a deal valued at $40 million.
In November 2015, Zoetis held a ribbon-cutting ceremony to celebrate the completion of its new global production and supply facility in Suzhou, China.
In July 2015, Zoetis agreed to acquire KL Products to strengthen its automation technology for poultry hatchery operations. The privately held company headquartered in London, Ontario, Canada, is a leader in automation systems for the poultry industry.
And in May 2015, Zoetis reported flat revenue in the first quarter of 2015, and announced a comprehensive operational efficiency initiative to enhance its long-term competitive position and profitability, which includes slashing $300 million in annual costs by 2017 and cutting at least 20 percent of its workforce.