Pfizer Animal Health has confirmed that the agreement to acquire multiple product franchises from the Schering-Plough Corporation has been completed - and approved by the European Commission. Pfizer has acquired these assets for approximately euro 116 million in cash.
The agreement covers all European Union countries and the franchises include all major animal health species including cattle, swine, equine and companion animal. Pfizer executives say the agreement leaves them with the most in-depth coverage of therapeutic areas, and the most highly recognised brands, in the industry. Precise details of the agreement are not being released although additional information on the products concerned will be the subject of further announcements in due course.
Pfizer has acquired certain rights to the following products in the European Economic Area:
Albert Bourla, President of Pfizer Animal Health in Europe, said: "This represents a significant expansion of our product portfolio and strengthens our long term commitment not just to veterinary surgeons, but also to farmers and pet owners. Pfizer spends hundreds of millions of dollars on research and development every year, and brings more new products to market than any other company, but when the opportunity arose to add well known, well respected brands to a portfolio that is already extremely strong, we had little hesitation in taking it."
PS: Whilst you're here, take a moment to see our latest job opportunities for vets.