St. Paul Swine Vaccine Maker ProtaTek To Be Acquired By Pharmgate
ProtaTek International Inc., a St. Paul-based developer and manufacturer of vaccines for swine, agreed to be acquired by Pharmgate LLC.
Financial details of the deal, which was announced Thursday, were not disclosed.
Pending approval of the acquisition, ProtaTek would become a wholly owned subsidiary under Wilmington, North Carolina-based Pharmgate.
Pharmgate noted the deal would involve ProtaTek’s operations in St. Paul and Mesa, Arizona, which included leased office buildings, a manufacturing facility, development and diagnostic laboratories, as well as ProtaTek’s entire manufacturing, research, finance, and customer service workforce. ProtaTek did not provide how many workers the deal would affect, however, the company’s LinkedIn account suggests it employs about 50 people.
Colin Gray, the president of Pharmgate, said in a statement that the company’s move to acquire ProtaTek was driven be a need to diversify its product offerings. Pharmgate primarily produces enhanced animal feed and animal health compounds.
“Our parent company [Jinhe Biotechnology] made an initial investment into a vaccines company in China in 2014,” Gray said. “We are delighted to now complement this with an acquisition in the USA which contributes not only existing sales but also a series of novel, late stage products as well as R&D capabilities to expand the product range further.”
Pharmgate said it expected the deal to be completed in the fourth quarter of this year.