PARSIPPANY, N.J. & TULLAMORE, Ireland--(BUSINESS WIRE)--Zoetis Inc. (NYSE:ZTS) and Nexvet Biopharma plc(Nasdaq:NVET) today announced that Zoetis has completed the acquisition of Nexvet, a biologic therapeutics company developing a pipeline of monoclonal antibody (mAb) therapies for companion animals in pain and other therapeutic areas. The acquisition, which was first announced on April 13, 2017, strengthens Zoetis’ pipeline of solutions for chronic pain management in dogs and cats. It became effective today by means of a scheme of arrangement under the Irish Companies Act 2014. Under the terms of the transaction, Nexvet shareholders will receive US$6.72 per share representing an aggregate equity valuation of approximately US$85 million. The Nexvet shareholders will receive the consideration to which they are entitled under the scheme of arrangement within 14 days.
“The acquisition demonstrates our determination to lead the animal health industry in the development and commercialization of monoclonal antibody therapies in areas of high medical need,” said Dr. Alejandro Bernal, Executive Vice President and Group President, Strategy, Commercial and Business Development at Zoetis. “The addition of Nexvet will strengthen our monoclonal antibody pipeline and help sustain our leadership in chronic pain management for companion animals. It is a prime example of how we at Zoetis are deploying capital to drive innovation and support future growth.”
“Nexvet’s commitment to pioneering animal health monoclonal antibody technology, intellectual property and novel products has yielded an outcome which will see these developments reach their full commercial potential,” said Dr. George Gunn, Chairman of Nexvet. “I extend my appreciation to the Nexvet team who made this result possible due to their dedication and focus since the company’s foundation.”
Therapies to treat chronic pain in companion animals, an area in which Zoetis has been a leader for two decades, represent a global market valued at an estimated US$400 million a year1.
With the completion of the acquisition, Nexvet’s research programs in the treatment of chronic pain associated with osteoarthritis in dogs and cats, along with other areas, will be integrated into Zoetis’ global R&D operation to leverage the company’s scale and experience.
Nexvet also today announced that it requested that trading of its ordinary shares on the NASDAQ Global Market (NASDAQ) be suspended. Nexvet requested NASDAQ to file Form 25 with the U.S. Securities and Exchange Commission (SEC) notifying the SEC of the delisting of the ordinary shares on NASDAQ and the deregistration of Nexvet’s ordinary shares.
Zoetis (NYSE: ZTS) is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries. In 2016, the company generated annual revenue of US$4.9 billion with approximately 9,000 employees. For more information, visit www.Zoetis.com.
Nexvet is a veterinary biologic therapeutics company focused on transforming the therapeutic market for companion animals, such as dogs and cats, by developing and commercializing novel, species-specific biologics. Nexvet’s PETization™ platform is designed to rapidly create monoclonal antibodies (mAbs) that are recognized as “self” or “native” by an animal’s immune system, a property Nexvet refers to as “100% species-specificity.” Nexvet’s product candidates are designed to build upon the safety and efficacy data from clinically tested human therapies, which is intended to reduce clinical risk and development cost. Nexvet conducts drug discovery in Australia, conducts clinical development in the United States and Europe and conducts manufacturing in Ireland.