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HESKA ANNOUNCES AGREEMENT WITH ELANCO ANIMAL HEALTH
Jul. 1, 2013
Source: Heska news release
Heska Corporation (NASDAQ: HSKA, "Heska"), a leading provider of veterinary diagnostic and specialty products, announced today the sale of certain non-core assets useful for the production of both bovine and feline vaccines to Elanco Animal Health ("Elanco"), a division of Eli Lilly and Company. Heska does not anticipate any change in its current bovine and feline vaccine production at its wholly-owned facility in Des Moines, Iowa as a result of the agreement with Elanco. Financial terms were not disclosed.
"We are pleased to announce our first formal relationship with Elanco, the fourth largest animal health company in the world. Elanco has demonstrated their commitment to establishing a strong position in animal vaccines," commented Michael McGinley, Heska's President, Pharmaceuticals and Biologicals.
"Heska had a limited direct involvement in the market segments covered under this agreement. The sale of these assets will strengthen our balance sheet and allow us to invest in areas more closely aligned with our strategic focus as well as offer potential future opportunities for our Other Vaccines, Pharmaceuticals and Products business segment."
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