MADISON, N.J.--Pfizer Animal Health today announced an agreement to
acquire Synbiotics Corporation (Pinksheets SYNB.PK), a privately held,
Kansas City-based leader in the development, manufacture and marketing
of immunodiagnostic tests for companion and food production animals.
Veterinary immunodiagnostics, a methodology using antigen-antibody
reaction to detect viruses or bacteria in animals, is a sector growing
an estimated 8% annually, twice the rate of the animal health industry
as a whole. The global immunodiagnostics market is valued at $735
million, according to industry sources. Factors accelerating growth
include increasing interest among companion animal owners in monitoring
the health and maintaining wellness of their dogs, cats and horses.
Likewise, livestock producers, striving to meet increasing worldwide
demand for animal-derived food protein, are placing greater emphasis on
immunodiagnostics to safeguard the health of livestock animals.
“Our acquisition of Synbiotics, with its best-in-class product
portfolio, promising research and development pipeline, and
manufacturing capability, will bring Pfizer Animal Health closer to its
goal of becoming a comprehensive solutions provider to the animal health
industry,” said Juan Ramón Alaix, president, Pfizer Animal Health. “By
integrating animal health diagnostics with our innovative portfolio of
vaccines and medicines, we can do more to help veterinarians deliver
optimal care for livestock and companion animals and provide the right
medicine to the right animal at the right time.”
According to Mr. Alaix, the acquisition will not only allow Pfizer
Animal Health to enhance its offerings to veterinarians at point of care
in the clinic and on the farm, but also to expand into products for
diagnostic reference laboratories and reproductive services for canine
breeders.
“We look forward to continuing to serve existing Synbiotics customers as
well as serving new customers with Synbiotics’ portfolio of proven and
effective diagnostics solutions,” Mr. Alaix said.
“Pfizer Animal Health is the ideal partner for Synbiotics,” said Paul
Hays, Chief Executive Officer of Synbiotics Corporation. “Pfizer Animal
Health’s global reach, commercial operations, and expertise in
regulatory and marketing functions will expand customer access to such
leading products as WITNESS® and ASSURE® for companion animals, the
SERELISA® franchise for livestock animals, and PROFLOK for poultry into
new markets -- especially in emerging markets. Marrying Synbiotics’ R&D
expertise in diagnostics with the strength of Pfizer veterinary R&D also
is expected to help accelerate our diagnostic development program.”
According to Hays, Synbiotics estimates that its common shareholders
will be entitled to receive up to approximately $0.306 per share in cash
in connection with the acquisition, of which approximately $0.019 per
share will be held in escrow as a fund against which Pfizer may make
claims for losses arising from any breaches of Synbiotics'
representations, warranties, covenants and agreements and similar
customary matters. The acquisition is expected to close later this week.
With its agreement to acquire Synbiotics, Pfizer Animal Health is
affirming its commitment to help companion animals and horses live
healthier longer lives and to help assure a safe food supply from
healthy cattle, poultry, pigs and fish worldwide using sustainable
production practices. Pfizer Animal Health’s entry into veterinary
diagnostics follows a series of moves in 2010 that position the business
as the partner of choice to the animal health industry. These include:
About Synbiotics Corporation
Synbiotics is a leading developer and manufacturer of veterinary
diagnostics and services for veterinary practices, livestock and poultry
producers, reference laboratories and animal breeders worldwide. New
product R&D is centered at the Synbiotics headquarters in Kansas City,
Missouri and also performed in manufacturing locations in Lyon, France
and in San Diego, California, and through R&D collaborations with the
University of Maryland and Kansas State University. Synbiotics’
facilities are permitted by the United States Department of Agriculture
(USDA) and are ISO 9001 certified. For more information, visit www.Synbiotics.com.
Pfizer Inc.: Working together for a healthier world™
At Pfizer, we apply science and our global resources to improve health
and well-being at every stage of life. We strive to set the standard for
quality, safety and value in the discovery, development and
manufacturing of medicines for people and animals. Our diversified
global health care portfolio includes human and animal biologic and
small molecule medicines and vaccines, as well as nutritional products
and many of the world's best-known consumer products. Every day, Pfizer
colleagues work across developed and emerging markets to advance
wellness, prevention, treatments and cures that challenge the most
feared diseases of our time. Consistent with our responsibility as the
world's leading biopharmaceutical company, we also collaborate with
health care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world. For
more than 150 years, Pfizer has worked to make a difference for all who
rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
DISCLOSURE NOTICE: The information contained in this release is as of
December 29, 2010. The Company assumes no obligation to update
forward-looking statements contained in this release as a result of new
information or future events or developments. This release contains
forward-looking information about an agreement by Pfizer to acquire
Synbiotics Corporation, including the anticipated price per share, and
about Synbiotic’s product portfolio and research and development
pipeline, including the potential benefits thereof. Such information
involves substantial risks and uncertainties including, among other
things, the satisfaction of conditions to closing the agreement; the
uncertainties inherent in research and development activities; and
competitive developments.
A further list and description of risks and uncertainties can be found
in Pfizer’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2009 and in its reports on Form 10-Q and Form 8-K.
Media Contact: Rick Goulart
(212) 733-7457
[email protected]