Esteve quits veterinary arena, selling business to Ecuphar

Privately held Spanish drugmaker Laboratorios Esteve is pulling out of the veterinary medicines sector, selling its animal health business to Belgium-based Ecuphar.

Through this alliance, Ecuphar acquires all the assets of Esteve Veterinary and its employees that will join the new organization in the coming weeks. Being both private companies, the economic terms of the transaction have not been disclosed. Ecuphar says it aspires to lead the European market in animal health over the coming years.

The agreement reached is a perfect fit for both companies, said Chris Cardon, founder, chairman and chief executive of Ecuphar, adding: "Having no presence in southern Europe, the acquisition of the veterinary division of Esteve will allow us to develop our growth strategy both geographically and in other therapeutic areas that will complement our portfolio."