Teva Pharmaceutical Industries Ltd. has entered into a definitive agreement to sell its Israeli based veterinary business unit to Phibro Animal Health Corporation, for total consideration of approximately $47 million.
The transaction is subject to certain conditions, including Israeli antitrust approvals and other closing conditions, and is expected to close in the first quarter of 2009.
Teva's veterinary business unit in Israel develops manufactures and markets veterinary products for poultry and other large farm animals, both in Israel and internationally, particularly in Southeast Asia, Africa, Latin America and Eastern Europe. The business operates one manufacturing facility in Israel with approximately 90 employees. Phibro Animal Health Corporation operates in Israel through its subsidiary, Koffolk.