Biotech business completes £14m sale

Biotech company Benchmark Holdings has completed the sale of its wholly owned subsidiary FishVet to Pharmaq, part of the global animal health company Zoetis.

The deal, worth £14.4 – £14.7 million includes the Sheffield-based firm’s veterinary and diagnostic services activities in the UK, Ireland, Norway and Chile. The final consideration will depend on certain final costs to be borne by Benchmark.

The transaction is another significant step in Benchmark’s strategy to exit non-core areas and focus on its key disciplines in the global aquaculture markets, having now sold or exited seven businesses generating up to £30.3m in cash proceeds including £3.75m in deferred consideration.

Trond Williksen, CEO at Benchmark Holdings, said: “I am very pleased to announce this transaction, the proceeds of which together with those from the sale of Improve International last week, are in line with our expectations. These disposals represent a significant step forward in our strategy to become a streamlined, profitable business focused on our key areas of competency.”

“The FishVet team is a highly talented group. I would like to thank every member of the team and wish them success in the future.”