German pharmaceuticals giant Bayer (IW 1000/88), best known for its Aspirin painkiller, agreed Friday to buy the U.S. animal health business of Israeli generic drug specialist Teva (IW 1000/243) for $145 million.
The German firm said the deal, which concerns a manufacturing site in St. Joseph, Mo., would "strengthen Bayer HealthCare's companion animal franchise."
Bayer will pay $60 million upfront, with a further $85 million tied to agreed manufacturing and sales targets.
The Missouri site employs a workforce of 300, and the transaction is set to be completed in 2013, pending antitrust clearance, Bayer added.
Copyright Agence France-Presse, 2012