MADISON, N.J., Dec. 29, 2010 /PRNewswire-FirstCall/ -- Pfizer Animal Health today announced an agreement to acquire Synbiotics Corporation (Pink Sheets: SYNB), a privately held, Kansas City-based leader in the development, manufacture and marketing of immunodiagnostic tests for companion and food production animals.
Veterinary immunodiagnostics, a methodology using antigen-antibody reaction to detect viruses or bacteria in animals, is a sector growing an estimated 8% annually, twice the rate of the animal health industry as a whole. The global immunodiagnostics market is valued at $735 million, according to industry sources. Factors accelerating growth include increasing interest among companion animal owners in monitoring the health and maintaining wellness of their dogs, cats and horses. Likewise, livestock producers, striving to meet increasing worldwide demand for animal-derived food protein, are placing greater emphasis on immunodiagnostics to safeguard the health of livestock animals.
"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," said Juan Ramon Alaix, president, Pfizer Animal Health. "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."
According to Mr. Alaix, the acquisition will not only allow Pfizer Animal Health to enhance its offerings to veterinarians at point of care in the clinic and on