LURE, France--(BUSINESS WIRE)--Regulatory News:
Vetoquinol (Paris:VETO) has agreed terms to acquire the European Economic area and UK rights to Profender® and Drontal® product families from Elanco Animal Health. This acquisition will be financed through a combination of available cash and committed financing from Vetoquinol banking partners for $140 million in an all cash deal subject to customary post-closing adjustments. The deal is expected to close by mid-year 2020.
According to the terms of the deal, Vetoquinol will acquire the Profender® and Drontal® product families, the intellectual property, registrations and other rights currently owned by Bayer AG’s animal health business. The Profender® and Drontal® families of products are spot-on and tablet de-wormer products for cats and dogs.
Vetoquinol’s acquisition of Profender® and Drontal® is related to Elanco’s acquisition of Bayer AG’s animal health business, which is subject to regulatory approval from European Commission and the Federal Trade Commission.
“We’re pleased with the continued progress on a number of fronts to move the acquisition of Bayer AG’s animal health business toward completion,” said Jeff Simmons, president and CEO of Elanco. “Vetoquinol’s dedication to pet health and care make the company a natural choice to take Drontal and Profender into the future, maintaining European pet owners’ access to these important pet care products.”
Matthieu Frechin, CEO of Vetoquinol, said, "We are very pleased to acquire the Profender® and Drontal® product lines that are highly valued by veterinarians and pet owners. The acquisition of these two strong brands is at the heart of our strategy. On the one hand, they will significantly increase the size of our business and our visibility in the parasiticide segment, one of our strategic therapeutic areas. On the other hand, they will strengthen our portfolio of Essentials, the engine of our growth."
McDermott Will & Emery LLP acted as legal counsel to Vetoquinol.
Next update: 2019 Financial results- March 26th, 2020 before market opening.
Vetoquinol is a leading global animal health company that supplies drugs and non-medicinal products for the livestock (cattle and pigs) and pet (dogs and cats) markets.
As an independent pure player, Vetoquinol designs, develops and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region.
Since its foundation in 1933, Vetoquinol has pursued a strategy combining innovation with geographical diversification. The Group's hybrid growth is driven by the reinforcement of its product portfolio coupled with acquisitions in high potential growth markets. At December 31 2019 Vetoquinol employs 2,372 people.
Vetoquinol has been listed on Euronext Paris since 2006 (symbol: VETO).
For further information, go to: www.vetoquinol.com.