April 28 (Reuters) - Top animal health company Zoetis

Inc ( ZTS ) will sell its medicated feed additive portfolio and

certain other assets to animal nutrition company Phibro Animal

Health ( PAHC ) in a $350 million deal, the two companies said

on Sunday.

The agreement would also involve some of Zoetis' ( ZTS ) water

soluble products and six manufacturing sites across the U.S.,

Italy and China, the firms said in a statement.

More than 300 Zoetis ( ZTS ) employees across manufacturing,

distribution and commercial activities would transition to

Phibro Animal Health ( PAHC ), they said.

The portfolio would be accretive to its adjusted

earnings per share, profitability and EBITDA margin in a deal

that would be funded primarily with debt, the companies said.

New-Jersey based Phibro Animal Health ( PAHC ) is an animal nutrition

company with over 1,400 employees, while Zoetis ( ZTS ), which generated

$8.5 billion in revenue in 2023, is an animal health company

with about 14,100 employees.