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Wednesday, December 29, 2010

Pfizer Animal Health (NYSE:PFE) Acquires Synbiotics Corporation (OTC:SYNB.PK)

Pfizer Animal Health (NYSE:PFE) said in a press release today they're acquiring Synbiotics Corporation (OTC:SYNB.PK), "a privately held, Kansas City-based leader in the development, manufacture and marketing of immunodiagnostic tests for companion and food production animals."

Juan Ramon Alaix, president, Pfizer Animal Health, said, "Our acquisition of Synbiotics, with its best-in-class product portfolio, promising research and development pipeline, and manufacturing capability, will bring Pfizer Animal Health closer to its goal of becoming a comprehensive solutions provider to the animal health industry. By integrating animal health diagnostics with our innovative portfolio of vaccines and medicines, we can do more to help veterinarians deliver optimal care for livestock and companion animals and provide the right medicine to the right animal at the right time."

Alaix added that Pfizer Animal Health will now be able to expand into "products for diagnostic reference laboratories and reproductive services for canine breeders," while enhancing their current offerings to veterinarians at point of care in the clinic and on the farm.

"Pfizer Animal Health is the ideal partner for Synbiotics," said Paul Hays, Chief Executive Officer of Synbiotics Corporation. "Pfizer Animal Health's global reach, commercial operations, and expertise in regulatory and marketing functions will expand customer access to such leading products as WITNESS® and ASSURE® for companion animals, the SERELISA® franchise for livestock animals, and PROFLOK for poultry into new markets -- especially in emerging markets. Marrying Synbiotics' R&D expertise in diagnostics with the strength of Pfizer veterinary R&D also is expected to help accelerate our diagnostic development program."

SYNBIOTICS soared on the news, rising to $0.29, gaining $0.20, or 222.22 percent. Pfizer was trading at $17.60, up $0.01, or 0.03 percent, as of 1:03 PM EST.

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