04:33 AM EDT, 04/29/2024 (MT Newswires) -- Zoetis ( ZTS ) has agreed to sell its medicated feed additives business and related assets to Phibro Animal Health ( PAHC ) for $350 million, the companies said Sunday.

The transaction, subject to customary price adjustments, is expected to close in H2 and will be funded primarily with debt. Phibro has received financing commitments from a number of banks, the companies said.

The sale includes some of Zoetis' ( ZTS ) water-soluble products and more than 37 product lines along with four US manufacturing sites as well as locations in Italy and China. More than 300 Zoetis ( ZTS ) employees will transition to Phibro.

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