Teva flogs animal health business to Bayer for $145m
This article was originally published in Scrip
Teva has sold its US-based animal health business to Bayer for $145 million in line with its strategy to focus solely on its core human health business. Itzhak Krinsky, Teva’s group executive vice-president and head of business development, said, “As part of our overall strategy to refine our global footprint, we will continue to leverage our product portfolio and R&D efforts while selling or out-licensing assets that no longer fit within the scope of our business." The deal includes $60 million upfront and $85 million in manufacturing and sales milestones, and is expected to close in 2013. Bayer will integrate the assets into its companion and food animal products line.