January 5 (SeeNews) - Bulgarian drug maker Huvepharma has acquired U.S.-based animal health and nutrition company AgriLabs, the Sofia-based company's CEO said on Friday.
The acquisition also includes AgriLabs' product lines, Kiril Domuschiev, CEO of Huvepharma, said on his official Facebook account.
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“This acquisition furthers Huvepharma’s strategy in creating a balanced portfolio of products and enhancing our presence in the global market," Glen Wilkinson, president of Huvepharma, said, as quoted in Domuschiev's post.
"It also enables more rapid commercialization of biological products through Benchmark Biolabs, a subsidiary of AgriLabs and part of the acquisition of companies," Wilkinson added.
Both companies will continue operations under their current identities as integration opportunities are identified in 2018, the post reads.
On Wednesday, the Bulgarian government said it has approved a draft memorandum of understanding (MoU) with Huvepharma's Bulgarian veterinary drugs unit - Biovet [BUL:53B], to support the implementation of an investment project worth 293.4 million levs ($180.3 million/150 million euro).
(1 euro = 1.95583 levs)