Zoetis sells plant and generics in India to Zydus CadilaStaff writer ▼ | January 6, 2016
Zoetis signed an agreement with the India-based pharmaceutical company Zydus Cadila for the divestment by Zoetis of a manufacturing site in Haridwar, India.
Pharma A manufacturing site in Haridwar to be sold
Under the agreement, Zoetis will receive approximately $29 million in cash. The transaction is not material to Zoetis.
This transaction is an element of the Zoetis operational efficiency program announced on May 5, 2015, which is focused on reducing complexity, optimizing resource allocation and positioning the company for long-term profitable growth. The manufacturing site to be divested under the cgreement is among those Zoetis expects to sell or exit as part of the efficiency program.
The products to be divested under the Agreement represent a portion of the lower-revenue, relatively lower-margin product stock keeping units that Zoetis expects to eliminate to help improve profitability and enhance the reliability and efficiency of the Zoetis supply network.
Zoetis expects to complete the transaction in the first quarter of 2016. ■