InnoVet Inc. has completed its previously announcedacquisition of Brooks Feeds Inc. for an undisclosed amount ofcash and stock, InnoVet said Thursday.
Brooks, an animal specialty nutrition company based inSwanton, Vt., had $10 million in 1991 sales. InnoVet expects$15 million to $18 million in 1992 revenues from Brooks, HighSprings Milling Co., another animal nutrition company acquiredby InnoVet last year, and sales of its own products.
InnoVet (NASDAQ:IVET) expects the acquisitions to provide arevenue stream to support its core biotechnology business andto expand its marketing outlets.
The Boca Raton, Fla., company has an immunostimulant in late-stage trials to treat horses with advanced respiratory diseasebrought on by viral infection, and expects to apply for USDAmarketing registration by the end of the year, said PresidentJesse Houdeshell. The drug is also being tested to treat solidtumors in dogs.
InnoVet's Micromatrix polymer-based drug deliverytechnology is in rodent studies for oral delivery ofpolypeptides.
The company's shares lost 25 cents to $4.88 on Thursday.
Brooks will operate as a wholly owned subsidiary, Brooks FeedCo. Inc. -- KB
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