November 2, 2015 / 10:31 PM / 3 years ago

Zoetis to buy aquaculture pharma company for $765 million

Zoetis CEO Juan Ramon Alaix gives an interview following his company's IPO on the floor of the New York Stock Exchange, February 1, 2013. REUTERS/Brendan McDermid

(Reuters) - Animal health company Zoetis Inc (ZTS.N) said it agreed to buy Pharmaq, a pharmaceutical company catering to the aquaculture industry, for $765 million.

Pharmaq, with revenue of about $80 million in 2014, is considered a market leader in sales of vaccines for farmed fish.

Zoetis is purchasing Pharmaq from a company owned by the global investment firm Permira and expects to close the deal this month.

Zoetis said it expected the transaction to be neutral in 2016 and add to adjusted earnings thereafter.

The company’s shares closed at $44.24 on the New York Stock Exchange on Monday.

Reporting by Natalie Grover in Bengaluru; Editing by Anil D'Silva

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