30.12.2010

Pfizer agreed to acquire privately held Synbiotics Corp., a developer of veterinary diagnostics products.

The pharmaceutical company said veterinary immunodiagnostics, is a sector growing an estimated 8% annually, twice the rate of the animal health industry as a whole.

It is estimated that Synbiotics common shareholders will receive up to about 31 cents a share in cash in connection with the acquisition, of which about two cents a share will be held in escrow as a fund against which Pfizer may make claims for possible losses.

The final purchase price wasn't disclosed. The acquisition is expected to close later this week.