Zoetis purchases aquaculture vaccines manufacturer Pharmaq

Zoetis has announced the acquisition of aquaculture health product manufacturer Pharmaq in a deal worth $765 million (497.23 million pounds).

The company has purchased Pharmaq, a global leader in vaccines and innovation for health products in aquaculture, to strengthen its core livestock business and provide it with a market-leading presence in a fast-growing segment of the animal health industry.

Pharmaq is recognised as the market leader in sales of vaccines for farmed fish. It generated revenues of approximately $80 million in 2014, with a compound annual growth rate of 17 percent between 2005 and 2014.

The firm has approximately 200 employees and is based in Oslo, with subsidiaries in Chile, Vietnam, Spain, Turkey, Panama, Hong Kong and the UK.

Its late-stage development pipeline includes a number of new vaccines and next-generation parasiticides, which are expected to be launched in Norway, Chile and the UK in the near term.

Juan Ramon Alaix, chief executive officer of Zoetis, said: "This acquisition is a great strategic fit that brings to Zoetis an animal health leader with similar competitive advantages – an industry-leading portfolio, strong customer relationships, and world-class innovation and manufacturing."