Zoetis To Acquire Nexvet Biopharma In $85 Mln Deal

(RTTNews) - Zoetis Inc. (ZTS) and Nexvet Biopharma plc (NVET) announced an agreement in which Zoetis, through a wholly owned subsidiary ("Zoetis Bidco"), will purchase Nexvet, an innovator in monoclonal antibody therapies for companion animals, for a purchase price of US$6.72 per share, representing an aggregate equity valuation of approximately US$85 million.

The per share consideration represents a 66% premium over Nexvet's closing price on April 12, 2017.

The board of directors of Nexvet has unanimously approved the acquisition.

The acquisition is subject to approval by Nexvet's shareholders and the Irish High Court and other customary conditions, and it is currently expected to be completed during the second half of 2017.

The cash consideration payable by Zoetis under the terms of the proposed acquisition will be funded by cash on hand.