Latest investments in the veterinary pharma industry
Companies are acquiring key assets, boosting production capacity and expanding their global reach to capitalize on the pet care market.
The veterinary pharmaceutical industry is seeing an uptick in investment, with recent capital injections directed toward acquisitions and enhancing manufacturing capacities. GlobalPETS rounds up the latest developments.
Swedencare acquires MedVant
The Swedish companion animal pharmaceutical company has completed the acquisition of Canadian pet health company MedVant for SEK34.8 million ($3.2M/€2.9M).
“We are excited to have our first commercial veterinary team/operation in Canada where we can continue to expand Swedencare’s broad range of products from the US and Europe,” comments Brian Nugent, Chief Commercial Officer of Swedencare North America.
MedVant has been an exclusive distributor of Swedencare subsidiary RX Vitamins’ products in Canada since 2020, which it sells to approximately 2,500 veterinary practices in the country and generated sales worth CA$2.5 million ($1.8M/€1.6M) in 2023.
The company will be responsible for introducing Swendencare’s “best-in-class products” to Canadian veterinarians.
IDEXX to pump $147M into new manufacturing plant
The Maine-headquartered pet health corporation is investing $147 million (€135.5M) into establishing a manufacturing site in Wilson County, North Carolina.
The plant will produce veterinary diagnostics products for application in the pet industry and create 275 new jobs.
North Carolina Governor Roy Cooper welcomed the development. “Our state offers the workers and workforce training systems that help companies reliably produce the products their customers depend on every day.”
Invetx to be sold for $520M
American veterinary pharmaceutical corporation Dechra Pharmaceuticals will acquire Invetx, a Boston-based player in the veterinary biotherapeutics industry, for $520 million (€478.8M).
Dechra will enhance convenience for veterinarians, owners and their pets by acquiring Invetx’s half-life extension platform, which extends the duration of drug activity and enables longer intervals between treatments.
“Our pipeline of monoclonal antibody therapeutics for chronic, serious diseases in cats and dogs is highly complementary to Dechra’s broad portfolio of speciality therapeutics for companion animals and accelerates Dechra’s differentiated position in the veterinary health industry,” notes Dr. Juergen Horn, CEO and Co-Founder of Invetx.
Invetx has raised $86 million (€72M) in funding since 2018.
PharmaPark raises €50 million
Estonian-Dutch company PharmaPark used a €50 million ($54.2M) injection to inaugurate and enhance the export capabilities of its 21,000-square-meter veterinary medicine factory—one of the largest in Europe—in Tallinn, the capital of Estonia.
The factory offers nearly 200 different veterinary medicine products, including those for pets, and optimizes the export channels of its Dutch partners. It also has the capability to reconfigure its production technology to manufacture products for human use.
The production is aimed at export markets as the facility’s production exceeds the existing demand of the Baltic and Nordic countries.
The hub also has a competitive advantage in exporting its products due to European veterinary product market regulations requiring modernization or new production factories.
PharmaPark is majoritively owned by Dutch Alfasan Holding, a producer of injectable solutions and suspensions, and Estonian OÜ Eesti Farmaatsia Grupp.
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