US firm pays $765 million for Pharmaq

LEADING animal health company Zoetis has agred to buy Pharmaq for $765 million, reported Business Wire.

The deal gives Zoetis a market leading presence in the fastest growing segment of the animal health industry. Pharmaq is the market leader in sales of vaccines for farmed fish, a segment growing 10 per cent annually.

The company generated revenues of approximately $80 million in 2014 and has a presence in the major aquaculture markets in the world.

Its revenue grew at a compound annual growth rate of 17 per cent from 2005 to 2014.

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

Morten Nordstad, CEO of Pharmaq, said: ‘We see a tremendous opportunity to grow our business as part of Zoetis ‘This is a testimony to our success and to the highly skilled, innovative and hard working Pharmaq employees.’