Kirkland & Ellis is advising Phibro Animal Health Corporation (Nasdaq: PAHC) on the acquisition of medicated feed additive and water soluble product portfolios from Zoetis Inc. (NYSE:ZTS). Phibro is paying $350 million subject to customary closing adjustments. The deal is to close in the second half of the 2024 calendar year. The acquired product portfolio, which generated approximately $400 million in revenue in 2023, is comprised of more than 37 product lines that are sold in approximately 80 countries. The transaction also includes six manufacturing sites, four in the U.S., one in Italy and one in China. More than 300 Zoetis colleagues are expected to transition to Phibro Animal Health.
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