Playing chicken

Pfizer Animal Health

Randall C Willis
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NEW YORK—Pfizer Animal Health announced recently its decision to acquire international ag-biotech company Embrex for approximately $17 per share, in cash, or $155 million. The offer represents a 42.6 percent premium over the company's closing share price on November 14. The move would see Pfizer re-enter the poultry business via Embrex's Inovoject vaccine delivery system.
"Biologicals are a rapidly growing segment of Pfizer Animal Health's overall sales," said Juan Ramon Alaix, Pfizer Animal Health president. "We are excited by the chance to dedicate a portion of our research investment to discover and develop new vaccines that will address unmet needs of poultry producers and their birds."
With 2005 sales of $2.2 billion, Pfizer Animal Health is a major player in the veterinary medicines market, which has seen significant growth in recent years, in part triggered by recent outbreaks of infectious diseases such as avian flu and BSE.

Randall C Willis

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