PetMedix, a UK-based biotech company discovering species-specific therapeutic antibodies for pets, has announced that it has been acquired by animal health company Zoetis.
Both parties have collaborated since 2022 with respect to antibody discovery.
In addition to successful research collaborations, PetMedix’s proprietary drug development activities have led to a large portfolio of antibody drug candidates targeting unmet clinical need in chronic and terminal diseases affecting dogs and cats.
Following the acquisition, PetMedix will continue operations and act as one of Zoetis’ innovation hubs, providing a centre of research excellence to harness advances in basic and translational research and create new treatments for animal disease.
According to PetMedix, Zoetis’ expertise in developing, manufacturing, and commercialising innovative medicines will help PetMedix’s portfolio of transformative monoclonal antibodies progress more quickly towards regulatory approvals in global markets and make “a real difference in the lives of pets and their owners”.
Stifel acted as the exclusive financial advisor to PetMedix.
Dr. Tom Weaver, co-founder and CEO of PetMedix, said: “Today marks a new milestone as PetMedix joins forces with Zoetis, the world’s leading animal health pharmaceutical company. Zoetis is an ideal partner for us, innovation to bring new solutions to their customers is their number one focus, and this aligns 100% with our approach.
“Zoetis was the first animal health company to appreciate the power of monoclonal antibody therapy, a technology that was created in Cambridge and has transformed human health. Through their vision and focus on the best science they were the first to launch successful mAb therapeutics to treat chronic diseases in companion animals.”
He added: “I couldn’t be prouder of the PetMedix team’s accomplishments. Since our first financing in 2019, our mission has been to elevate expectations in pet care, and we have now taken huge strides towards that goal. The acquisition shows that animal health innovation is alive and well and an attractive investment opportunity for the venture community. In addition, the UK and Europe will directly benefit from an injection of investment and expertise in animal health research.”
Rob Polzer, executive vice president and president of research and development at Zoetis, concluded: “As the world leader in animal health, we are always exploring business development and external innovation activities that can complement our internal research and development capabilities.
“Adding PetMedix to our R&D organisation brings in unique platforms that may accelerate our research and portfolio to potentially help us address our customers’ unmet needs in oncology, inflammatory diseases and other areas, and we are excited about the possibilities ahead.”
