Elanco Animal Health Inc. announced that it has signed an agreement to sell its Victoria, P.E.I., aquaculture research and development (R&D) facility to The Center for Aquaculture Technologies Canada, a leading aquaculture R&D and contract research services company with an established presence in Prince Edward Island.
The site — added to the Elanco footprint as part of its acquisition of Novartis in 2015 — is a source of innovative products and solutions to some of the industry's greatest needs, the announcement said. Elanco will shift this important capability into its other existing R&D facilities.
"We are extremely grateful for the efforts, hard work and all contributions everyone at the Victoria R&D facility has made to the Elanco pipeline and the industry,” said Aaron Schacht, executive vice president of innovation, regulatory and business development at Elanco. “We are equally pleased to reach an outcome that keeps the site operational in the Victoria community with a group that values furthering the future of aquaculture.”
John Buchanan, chief executive officer of The Center for Aquaculture Technologies Canada, said, “We are excited to continue to grow our aquaculture health and nutrition research services business in [Prince Edward Island] and have great plans for use of the facility.”
In September, Elanco announced its decision to seek a buyer for the Victoria R&D site. Aquaculture and the Charlottetown, P.E.I., manufacturing facility continue to be a key component of Elanco's growth, as evidenced by the company's workforce expansion and capital investments at the site over the past two years.
Today's action is another step in Elanco's journey to build an agile, stand-alone animal health company, the announcement said.
The transaction is expected to close at the beginning of the first quarter of 2020. Financial terms of the deal were not disclosed.
Elanco is a global animal health company that develops products and knowledge services to prevent and treat disease in food animals and pets in more than 90 countries. With a 64-year heritage, the company innovates to improve the health of animals and benefit customers while fostering an inclusive, cause-driven culture for approximately 5,700 employees.