The acquisition will also enable PHARMAQ to maintain and strengthen its global leadership position.
"This acquisition is a great strategic fit that brings to Zoetis an animal health leader with similar competitive advantages - an industry-leading portfolio, strong customer relationships, and world-class innovation and manufacturing," said Zoetis Chief Executive Officer Juan Ramón Alaix.
In other market news this week, Clearwater Seafoods completed its purchase of Macduff Shellfish Group Limited.
South Korea revealed this week that it has become the first Asian country to successfully farm salmon throughout the year.
According to the Ministry of Oceans and Fisheries, Donghae STF Co., a local aquaculture firm, has been raising some 10,000 silver salmon at a special enclosure some 5 kilometers off the country's eastern coast since late last year.
The patented enclosure system can be adjusted so that the salmon are in the ideal water temperature of 15°C, the Yonhap News Agency reported.
Oh Woon-yul, general director of fisheries infrastructure at the ministry, said once full-scale production begins the country will be able to replace some of its imports with those raised at local fish farms.
In other news, the US has released its latest annual fisheries report. The report, Fisheries of the United States 2014, reveals that the US’s commercial fisheries show continued stability in 2014, with fishermen landing 9.5 billion pounds of fish and shellfish, valued at $5.4 billion.
The report also stated that marine aquaculture production has continued to grow.