Bayer HealthCare completes Teva animal health acquisition

Bayer HealthCare has announced the completion of its purchase of new animal health assets from Teva Pharmaceutical Industries.

Originally announced in September 2012, the deal will see Bayer purchase Teva's US-based veterinary business for a total of $145 million (90.3 million pounds), including $60 million in upfront fees and $85 million in milestone-based payments.

The transaction, which also includes the transfer of a manufacturing site in Missouri and around 300 employees, will strengthen Bayer's animal health capabilities in several key areas.

Teva's portfolio includes a strong anti-infectives franchise, a full line of dermatology products sold under the DVM Pharmaceutical brand, various nutraceutical offerings and assorted food animal products.

Dr Joerg Reinhardt, chief executive officer at Bayer HealthCare, said the acquisition "fits nicely with our strategic goals" and will help to expand its range of animal care solutions.

In August 2012, the company strengthened its animal health offering further by agreeing an exclusive deal to distribute a range of products from Norbrook in Germany and France.