9 August 2005
Boxmeer, the Netherlands, and Hamilton, NZ, August 9, 2005 - Intervet aims to extend its market presence in New Zealand with the acquisition of AgVax Developments Ltd., a highly successful animal health company which is focused on the identification, development and commercialisation of vaccines which increase the productivity of the agricultural sector. Completion of the agreement is subject to receipt of shareholder approval.
AgVax, based in Upper Hutt, New Zealand, is currently a subsidiary of AgResearch, New Zealand’s largest Crown Research Institute.
The two companies have reached a conditional agreement for Intervet to acquire AgVax, which has 18 employees and recorded a 2004 turnover of approximately EUR 11 Million (NZ$20M). Financial terms of the transaction have not been disclosed.
“AgVax is recognised by veterinarians and farmers as being a company which delivers value adding solutions to the pastoral sector” said Ruurd Stolp, President of Intervet.
Added John McNally, Regional Manager for New Zealand and Australia: “This acquisition would cement a longstanding relationship between Intervet and AgResearch going back some 15 years. AgVax’s product portfolio which includes the unique vaccines Toxovax® (for sheep) and Yersiniavax® (for deer) complement the Intervet New Zealand range perfectly. In addition the ovine fecundity vaccine, Androvax®, and the recently introduced CampyVax3® both enjoy significant market shares. Not withstanding that, both companies have a similar approach to the market with their respective farmer education programs. This combined portfolio would significantly improve our market position in New Zealand and would allow us to serve our customers even better with high quality products. An added attraction of this agreement was the opportunity to have an on-going relationship with AgResearch who are at the forefront of developing leading edge technology products for the New Zealand farming industry.”
Ian Boddy, Commercial Group Manager, AgResearch says “The decision to offer AgVax for sale is in line with the general intention of Crown Research Institutes to divest subsidiaries that would be better positioned in the private sector.”
AgVax currently supplies the New Zealand agricultural sector with a range of proprietary vaccines and associated products. The Company’s proprietary vaccines are Toxovax®, Androvax®, CampyVax3® and Yersiniavax® all products increasingly relevant to New Zealand veterinarians and sheep, beef and deer farmers. For Toxovax® Intervet held the distributions rights in certain other countries outside New Zealand for nearly two decades.
These vaccines would continue to be sold to farmers within New Zealand. Intervet, as a world leader in animal health, is well positioned to further expand AgVax’s animal health product range and boost its R&D investment, to the benefit of New Zealand farmers. ./.
Note for the editor
Intervet, a business unit of Akzo Nobel, based in Boxmeer, the Netherlands, with sales of EUR 1,024 million in 2004, is dedicated to research and development, production and marketing of innovative animal health products and feed additives. Intervet's product range for use in livestock, companion animals, poultry and fish includes vaccines, antiparasitics, anti-infectives, endocrine products, other pharmaceutical specialties and feed additives. Intervet operates globally with its own marketing organizations. The company currently employs around 5,000 people.
For further information on Intervet, please visit www.intervet.com
Akzo Nobel, based in the Netherlands, serves customers throughout the world with healthcare products, coatings and chemicals. Consolidated revenues for 2004 totaled EUR 12.9 billion. The Company currently employs some 61,000 people in more than 80 countries. The financial results for the third quarter will be published on October 19, 2005.
For further information on Akzo Nobel please visit www.akzonobel.com
AgResearch Limited is the largest government-owned research organization in New Zealand. In the 2003-04 year, AgResearch and subsidiaries earned a total of NZ$ 133.7 million in revenues. Profits have been largely reinvested in growing AgResearch’s scientific capability to support New Zealand’s pastoral sector. AgVax Developments Limited is a specialist technology development company working to develop innovative solutions related to sustainable and profitable, food and fibre production, through the supply of animal health and productivity enhancing products.
For further information on AgResearch or AgVax, please visit http://www.agresearch.co.nzhttp://www.agvax.co.nz/
Not for publication – for more information
Intervet International bv, Communications & Public Affairs,
Contact: Sabine Schueller, tel. +31 (0) 485 587085
AgResearch Ltd, Corporate Affairs, Contact: Allanah James, tel. +64 (03) 325 9989
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