---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-053265"
form_type: "8-K"
ticker: "PAHC"
cik: "0001069899"
company_name: "PHIBRO ANIMAL HEALTH CORP"
filed_at: "2024-04-29T23:59:59+00:00"
generated_at: "2026-06-03T05:21:41.813254+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Phibro Animal Health acquires Zoetis' medicated feed additive portfolio for $350M

## Summary
- $350M cash purchase; acquired portfolio generated ~$400M revenue in 2023 across 37 product lines.
- Six manufacturing sites (four US, one Italy, one China) and >300 Zoetis employees expected to transition.
- Deal expected to close H2 2024; Phibro to fund primarily with debt, targeting net leverage 3.5-4.0x at close.
- Phibro expects acquisition to boost EBITDA margin and be accretive to adjusted EPS.
- Combined pro forma sales ~$1.4B in last twelve months.

## SEC filing metadata
- accession: 0001104659-24-053265
- form_type: 8-K
- ticker: PAHC
- cik: 0001069899
- company_name: PHIBRO ANIMAL HEALTH CORP
- filed_at: 2024-04-29T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1069899/000110465924053265/0001104659-24-053265-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1069899/000110465924053265/tm2412927d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-053265
- JSON: https://secwatch.observer/filing/0001104659-24-053265.json
- Plain text: https://secwatch.observer/filing/0001104659-24-053265.txt

## Key facts
- Material Agreements
  PHIBRO ANIMAL HEALTH CORP entered into Purchase and Sale Agreement with Zoetis Inc. valued at $350 million (effective 2024-04-28).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Zoetis Inc.
  - Value: $350 million
  - Effective: 2024-04-28
  source text: On April 28, 2024, Phibro Animal Health Corporation, a Delaware corporation (“Phibro Animal Health”), and Phibro Animal Health S.A., a Belgium corporation and wholly-owned subsidiary of Phibro Animal Health (together with Phibro Animal Health, “Phibro”), entered into a Purchase and Sale Agreement (the “Purchase Agreement”) with Zoetis Inc., a Delaware corporation (“Zoetis”) to acquire Zoetis’ medicated feed additive (MFA) product portfolio, certain water soluble products and related assets (the “Purchased Business”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1069899/000110465924053265/0001104659-24-053265-index.htm
- Material Agreements
  PHIBRO ANIMAL HEALTH CORP entered into Debt Commitment Letter with Coöperatieve Rabobank U.A., New York Branch, Compeer Financial, PCA, Citibank, N.A. valued at $325 million senior secured incremental first lien term loan facility (effective 2024-04-28).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Coöperatieve Rabobank U.A., New York Branch, Compeer Financial, PCA, Citibank, N.A.
  - Value: $325 million senior secured incremental first lien term loan facility
  - Effective: 2024-04-28
  source text: Phibro entered into a debt commitment letter (the “Commitment Letter”), dated as of April 28, 2024, with Coöperatieve Rabobank U.A., New York Branch (“Rabobank”), Compeer Financial, PCA (“Compeer”) and Citibank, N.A. (“Citibank” and, collectively with Rabobank and Compeer, the “Commitment Parties”) pursuant to which the Commitment Parties have committed to provide a senior secured incremental first lien term loan facility in an aggregate principal amount of $325 million (the “Incremental Term Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1069899/000110465924053265/0001104659-24-053265-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.