Ahmedabad-based integrated pharmaceutical player Cadila Healthcare Ltd has said that it has acquired select brands and the Haridwar manufacturing unit of Zoetis, which was spun off Pfizer in 2013, for an undisclosed sum.
The acquisition will help Zydus expand its animal health business in India and gain access to manufacturing operations which have also been catering to global markets.
As a result of this acquisition, Zydus now gains access to a wide range of nutrition as well as therapeutic products which have strong brand equity and a combined turnover of Rs 171 crore.
Speaking on the development, chairman and managing director, Zydus Cadila, Pankaj R Patel said, "We believe that this strategic acquisition will strengthen our portfolio of brands and add new dimensions to our growth in the animal health business. We see this as an opportunity to catapult our business to higher levels of excellence."
According to a report in
Business Standard, Zydus Animal Health launched eight new products in India in 2014-15 and on a consolidated basis the animal health business posted sales of Rs 308 crore, with a growth of 12 per cent during the year. The Rs 8,600 crore Zydus Group aims to post revenues of Rs 10,000 crore by 2015-16, and strategic acquisitions are expected to expand its product portfolio and market access.
Zoetis , the world's largest producer of medicine and vaccinations for pets and livestock was spun off US-based pharma major Pfizer. In 2012 Pfizer renamed its Animal Health business as a standalone company called Zoetis.
In the subsequent year Zoetis got listed in the New York Stock Exchange (NYSE) and posted revenues worth $4.8 billion in 2014 and is present.
The Indian animal health business market is estimated to be around Rs 4,000 crore, clocking a 12 per cent annual growth rate while the global animal health market is estimated to be around $29.5 billion.
BW Reporters
The author is Senior Correspondent with BW Businessworld
