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−	==Company overview==	+	The following report studies the Veterinary Vaccines market in detail and analyzes the market information to come up with Future trends and  Attractive segments in this market.
−	OLYMPUS CORPORATION, a Japan-based manufacturer, mainly manufactures and sells medical products, life and industrial products, imaging products, information communication products and other products. The Company operates in five business segments.	+
−	* The Medical segment is engaged in the manufacture and sale of medical endoscopes, surgical endoscopes, endoscope disposal equipment and ultrasonic endoscopes.	+	The following is a snapshot of the complete report:
−	* The Life and Industrial segment provides biological microscopes, industrial microscopes, endoscopes for industrial use and non-destructive testing equipment.	+	* The '''Global Veterinary Vaccines market ($4.23 Bn)''' accounted for around 20% of the total Vaccines market ($29.71 Bn) in 2010. It is expected to grow with a '''CAGR of 5.80%''' to reach the market size of '''$5.6 Bn by 2015'''.
−	* The Imaging segment is engaged in the manufacture and sale of digital cameras and voice recorders.	+	* '''United States''' represents the largest market for Veterinary vaccines worldwide, with the market share of 46% and market size of $1.94 Bn in 2010.
−	* The Information Communication segment is engaged in the sale of mobile terminals, such as cellular phones.	+	* '''Porcine vaccines''' is the '''largest sub-segment''' in the Veterinary Vaccines market which is forecasted to grow to $1.32 Bn market by 2015 whereas '''Canine Vaccines''' is the '''fastest growing segment''' among all the sub-segments with the growth rate of 5.81%.
−	* The Others segment is engaged in the development of biomaterials and systems, industrial endoscopes, nondestructive inspection equipment, printers, mobile solutions and mobile contents services, the development and sale of package software, the sale of semiconductor-related equipment and electronic machines, as well as the development of systems.	+	* The '''top 3 players''' in the Veterinary Vaccines market are '''Pfizer, Merck and Sanofi-Aventis''', based on the revenues they generated in the Animal Health Segment in 2010.
		+	* The report contains the company profile of 8 major players in this segment, with focus on their Veterinary Vaccines market activities only.
		+	* There have been '''11 Mergers/Acquisitions''' in the Veterinary Vaccines market in the last two years (2009-2011), with Pfizer acquiring Wyeth being the largest aquisition based on the deal size and the value add, it brought to Pfizer in the Veterinary Vaccines market and its portfolio. This acquisition has been analyzed in the market report.
		+
		+
		+	Based on the market analysis, R&D trends, future focus areas of the key players and transactional activities in this segment, we conclude the following trends in the Veterinary Vaccines market:
		+	# '''Companion Veterinary Vaccines''' are trailing on '''''high growth track'''''
		+	#* Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
		+	#* In companion vaccines, '''canine vaccines''' is forecasted to grow at the highest pace and is '''''expected to be the leading segment''''' in the Veterinary Vaccines market
		+	# '''Two major segments in focus:'''
		+	#* Canine
		+	#* Porcine
		+	# '''Two major areas of focus''' in the Veterinary vaccines market are:
		+	#* Parasiticides
		+	#* Infectious disease vaccines (Bacteria and Virus Vaccines)
	<br>		<br>
−	In August 2009, the Company disposed its analytical equipment business to its wholly owned subsidiary, which has been engaged in the manufacturing and sale of clinical laboratory examination equipment. In addition, the Company has sold the subsidiary to Beckman Coulter, Inc. on August 1, 2009. As a result, the Company holds no stake in the subsidiary.<br>	+	=Introduction=
−	As of March 31, 2011, the Company has 188 subsidiaries and 11 associated companies.	+	Vaccination protects hundreds of millions of animals worldwide from disease and possibly death. Animals, just like humans, suffer from a range of infectious diseases. As veterinary medicine has advanced, prevention of disease has become a priority as healthy food comes from healthy animals. One of the best means of preventing disease is by creating immunity in the animal. This is usually achieved by vaccination.
		+	<br>
−	===Key Facts===	+	Not all animals need every vaccine. Some, like clostridial disease prevention, are basically routine, just like childhood vaccination programmes. The vaccination programme chosen for farm animals depends on the management system, the location of the farm and the history of the herd or flock (and whether or not a disease is likely to be encountered). Most farm animals are young, and these animals (just like children) are often more susceptible to infection. So, for example, calves often need to be protected by vaccination against respiratory disease. Some of the diseases that can be prevented are shown below.
−	{|border="2" cellspacing="0" cellpadding="4" width="54%" align="center"	+
−	|bgcolor = "#DBE5F1"|'''Established'''	+
−	|1919	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Headquarters'''	+
−	|Tokyo, Japan	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Type'''	+
−	|Public Company	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Website'''	+
−	|[http://www.olympus-global.com/en/ www.olympus-global.com]	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Regional involvement'''	+
−	|Worldwide	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Business lines'''	+
−	|Manufacture and Sales of precision machinery and instruments	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Employees'''	+
−	|34,391<br> Medical System Business: 15,000 Approx.	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Group Companies'''	+
−	|Approx. 180 Subsidiaries	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Chairman & CEO'''	+
−	|Tsuyoshi Kikukawa	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''President & COO'''	+
−	|Michael C. Woodford	+
−	|-	+
−	|bgcolor = "#DBE5F1"|'''Consolidated Net Sales (2011)'''	+
−	|847.1 Billion YEN	+
−	|}	+
	<br>		<br>
		+	==Species Diseases Controlled by Vaccines==
		+	#  '''Cattle''' - Blackleg, tetanus, <nowiki>’</nowiki>husk<nowiki>’</nowiki> (lungworm disease), rotavirus, infectious bovine rhinotracheictis (IBR), respiratory syncytial virus, pasteurellosis, enteritis, leptospirosis, mastitis, ringworm, BVD, PI3, coronavirus, salmonella, E Coli.
		+	#  '''Sheep & goats''' - Clostridial diseases (8 different species including tetanus), pasteurellosis, ovine abortion (chlamydiosis and toxoplasmosis), louping ill, contagious pustular dermatitis (orf), footrot
		+	#  '''Pigs''' - Erysipelas, parvovirus, colibacillosis, clostridial disease, atrophic rhinitis, enteritis, porcine pneumonia, PRRS
		+	#  '''Poultry''' - Avian coccidiosis, avian encephalomyelitis, avian infectious bronchitis, avian infectious bursal disease, avian reovirus, chicken anaemia virus, duck virus enteritis, egg drop syndrome 1976, erysipelas, infectious laryngotracheitis, Marek<nowiki>’</nowiki>s disease, Newcastle disease, pasteurellosis, post-natal colibacillosis, salmonellosis, swollen head syndrome, turkey haemorrhagic enteritis, turkey rhinotracheitis
		+	# '''Fish''' - Enteric redmouth disease, furunculosis, vibriosis (vibrio anguillarum, vibrio salmonicida and Vibrio viscosus (now named moratella viscosus))
		+	# '''Dogs''' - Distemper, infectious canine hepatitis, leptospirosis, parvovirus, kennel cough (Bordetella bronchiseptica and canine parainfluenza virus). Also rabies for dogs going abroad as part of the PETS scheme.
		+	# '''Cats''' - Feline infectious enteritis (or panleucopenia), feline leukaemia, chlamydia, cat <nowiki>’</nowiki>flu<nowiki>’</nowiki> (feline herpes virus and feline calicivirus). Also rabies for cats going abroad as part of the PETS scheme.
		+	# '''Horses''' - Equine herpes virus 1, influenza, tetanus, viral arteritis. Also rabies (not routinely used in the UK)
		+	# '''Rabbits''' - Myxomatosis, viral haemorrhagic disease
		+	# '''Pigeons''' - Paramyxovirus, pigeon pox
−	===Key Financials===	+	Sources: National Office of Animal Health [http://www.noah.co.uk/issues/briefingdoc/10-vacci.htm 1],[http://www.noah.co.uk/issues/briefingdoc/22-vaccfarmanimals.htm 2]
		+	<br>
		+	<br>
		+	=Market Overview=
−	{|border="2" cellspacing="0" cellpadding="4" width="71%" align="center"	+	The global pharmaceutical industry was $825Bn in 2010, out of which the total Vaccines market accounted for only 3.6% ($29.71 Bn). The vaccines market is classified in two segments: Human Vaccines and Veterinary Vaccines market. The human vaccines market accounts for more than 80% of the total vaccines market, whereas the Veterinary vaccines market accounts for around 20% of the total vaccines market. The focus of this report will be on Veterinary vaccines.
−	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Olympus Corporation'''</font>	+
−	|bgcolor = "#4F81BD"|	+
−	|-	+
−	|align = "center" bgcolor = "#DBE5F1"|'''Financial Year End'''	+
−	|bgcolor = "#DBE5F1"|March, 31st	+
−	|-	+
−	|align = "center" rowspan = "2"|'''Revenue'''	+
−	|2011: ¥847.10B / $10.58B	+
−	|-	+
−	|2010: ¥ 883.08B / $11.03B	+
−	|-	+
−	|align = "center" bgcolor = "#DBE5F1"|Revenue Change	+
−	|bgcolor = "#DBE5F1"|<nowiki>-</nowiki>4.07%	+
−	|-	+
−	|align = "center" rowspan = "2"|'''Operating Income'''	+
−	|2011: ¥35.4 B / $442M	+
−	|-	+
−	|2010: ¥60.1B / $751M	+
−	|-	+
−	|align = "center" bgcolor = "#DBE5F1"|Operating Income Change	+
−	|bgcolor = "#DBE5F1"|<nowiki>-</nowiki>41.10%	+
−	|-	+
−	|align = "center" rowspan = "2"|'''Net Profit'''	+
−	|2011: ¥7.38B / $92.25M	+
−	|-	+
−	|2010: ¥47.76B / $597M	+
−	|-	+
−	|align = "center" bgcolor = "#DBE5F1"|Net Profit Change	+
−	|bgcolor = "#DBE5F1"|<nowiki>-</nowiki>84.45%	+
−	|-	+
−	|align = "center" rowspan = "2"|'''R&D Expenses'''	+
−	|2011: ¥67.28B / $841M	+
−	|-	+
−	|2010: ¥61.85B / $773M	+
−	|-	+
−	|}	+
	<br>		<br>
		+	==Market Size of Vaccines==
		+	* The global sales of human and animal vaccines were $22.5 Bn in 2008.  In 2010, it has reached approximately $29.71 Bn. The global vaccines market grew at a compound annual growth rate (CAGR) of 14.91% in 2008-2010.
		+	* The global market for human vaccines in 2008 was $18.7 Bn and, with a continuing increase in the global market, reached $25.48 Bn in 2010.
		+	* The Veterinary vaccines market grew from approximately $3.8 Bn in 2008 to about $4.23 Bn in 2010, an increase of about 5.51%.
−	===Revenue Distribution===	+	[[Image:Global Vaccines Market Size1.jpg|center|thumb|592px|Source: Dolcera Analysis]]
−	{|align="center"	+
−	|<gflash>1100 825 http://dolcera.com/upload/files/Revenue_Metrics.swf</gflash>	+
−	|-	+
−	|}	+
	<br>		<br>
−	Source: SEC fillings
−	==Business Overview==	+	===Indian Veterinary Vaccines Market===
		+	* The Indian veterinary vaccine market has reached $107M in 2011 and is forecast to reach $174M by 2020 with a CAGR of 5%.
		+	* The animal vaccines include poultry vaccines,cattle and sheep vaccines.
		+	* The main players in this sector include
		+	** [http://www.indimmune.com/ Indian Immunologicals]
		+	** [http://www.indovax.com/ Indovax]
		+	** Intervet acquired by Merck
		+	** [http://www.biovet.com/ Biovet]
		+	** [http://www.hesterbiosciences.co.in/ Hester Biosciences]
		+	** [http://www.brilliantbiopharma.com/ Brilliant Bio Pharma]
		+	** [http://www.msd-animal-health.co.in/ MSD Animal Health (Merck)] and
		+	** [http://iahvb.co.in/ The Institute of Animal Health and Veterinary Biologicals]
−	===Business lines===	+	Source: Dolcera Analysis
−	The company operates under the following business lines:	+
−	[[Image:Business_lines.PNG|centre]]	+	[[Image:Indian Vaccines Market Size.jpg|center|thumb|592px|Source: Dolcera Analysis]]
		+	<br>
		+	==Market Forecast for Vaccines==
		+	* Veterinary Vaccines market is expected to increase at a 5.7% CAGR between 2010 and 2015 to reach $5.6 billion in 2015, driven by a growing number of diseases in animals, technological breakthroughs in biotechnology and growing awareness of animal disease
		+	* Human Vaccines market is expected to grow at a CAGR) of 19.6% to reach $58.6 billion by the end of 2015.
−	===Employee Distribution===	+	[[Image:Vaccines Market Size Forecast1.jpg|center|thumb|601px|Source: Dolcera Analysis]]
	<br>		<br>
−	===Organisation Structure===
−	[[Image:OrgChart_Oympus.png|centre]]	+	==Geographical Segmentation of Veterinary Vaccines Market==
		+
		+	* United States represents the largest market for Veterinary vaccines worldwide, with the market share of 46% and market size of $1.94 Bn in 2010.  The growth in the US Veterinary market will slow down in future due to safety concerns, higher market maturity and fewer prospects for mass production and development of new products.
		+	* Europe comes second, with the market share of 33% and the market size of $1.4 Bn in 2010. The European market is mainly driven by the growing demand for livestock. 40% of the revenues in Europe come from France, Germany and United Kingdom, which amounts to $560 Mn
		+
		+	[[Image:Geographical Segmentation of Veterinary Vaccine Market1.jpg|center|thumb|600px|Source: Dolcera Analysis]]
	<br>		<br>
−	==Medical Systems Business==
−	The Medical Systems Business covers gastrointestinal endoscopes, surgical endoscopes, endotherapy devices, endoscopic ultrasound systems and medical information systems.	+	==Market Segments of Veterinary Vaccines==
		+	Veterinary Vaccines market is divided into 2 major segments:<br>
		+	(i) Livestock Vaccines<br>
		+	(ii) Companion Vaccines
	<br>		<br>
−	With an approximately 70% share, the Olympus group has secured a leading position in the global Gastrointestinal endoscopy market. Working to expand diagnostic coverage beyond the digestive system, the group is developing new equipment and new techniques ranging from diagnosis through treatment.	+
		+	* '''Livestock Vaccines:''' Mainly consists of Farm animals like Cattle, pigs, sheep, poultry, aquaculture and bees
		+	* '''Companion Animals:''' Mainly consist of Dogs, cats and horses
	<br>		<br>
−	It's current research focus is on both minimally invasive treatment technology that reduces the burden on patients and product usability, for example, enhanced performance and functions to benefit doctors and technicians. The group's flagship products are equipped with a high-resolution endoscopic system and Narrow Band Imaging technology so that they can also support cancer diagnosis and treatment.	+	[[Image:Market Segmentation of Veterinary Vaccines1.jpg|center|thumb|591px|Source: Dolcera Analysis]]
	<br>		<br>
		+	* '''Livestock Vaccines Market:'''
		+	** Among the two segments analyzed, Livestock Vaccines accounts for the larger share of about 59% in 2010.
		+	** Porcine vaccines are the largest sub-segment within Livestock Vaccines.
		+	** The revenues from Porcine Vaccines market have touched $1 Bn in 2010.
−	Medical systems business has the following business lines:	+	* '''Companion Vaccines Market:'''
−	* '''Endoscopes''' <br>Endoscopic video imaging systems, medical information systems, fiberscope systems, broncho endoscope systems, endoscopic ultrasound systems; ultrasound fiberscopes; ultrasound probes; ultrasound centers; ultrasound-guided needle puncture systems; cleaning, disinfecting and sterilization systems; medical treatment peripherals; ancillary products	+	** Companion Vaccines account for 41% of the Veterinary Vaccines market in 2010.
−	* '''Endosurgery''' <br>Endoscopy products for gastroenterological surgery, thoracic surgery, urology, gynecology, orthopedic surgery, neurosurgery, cardiovascular surgery, anesthesiology and otolaryngology; treatment and surgical equipment; peripherals	+	** Companion Vaccines market is sub-divided into 3 segments, namely, Canine, Feline and Equine.
−	* '''Endotherapy''' <br>Endotherapy products	+	** Among these segments, Canine and Feline segments are large and account for 95% of the sales in Companion Vaccines.
		+	** Equine vaccines only accounts for 5% of the sales in this segment.
		+	** Canine vaccines are the fastest growing segment within Companion vaccines with the growth potential of more than 5% over the period to 2015.
		+	<br>
		+	==Market Analysis of Veterinary Vaccines==
		+	The following chart shows the percentage breakup of all the 5 segments in the Veterinary Vaccines market. It also shows the market forecast for each of the segments for the years 2010 - 2015. Please click on the required segment in the pie-chart to get the market forecast for that segment in the bar chart.
−		+	'''''Please click on the segments in the pie-chart to get the corresponding segment forecast for 2010-2015'''''
−	===Revenue===	+	{|align = "center"
−	{|align="center"	+	|<gflash>900 500 http://dolcera.com/upload/files/Market_Segment_Forecast1_01.swf</gflash>
−	|<gflash>900 600 http://dolcera.com/upload/files/Medical_Device_Segment.swf</gflash>	+
	|-		|-
	|}		|}
	<br>		<br>
−	Source: SEC fillings
−	<br>
−	<nowiki>*</nowiki> MIP includes surgical endoscopes and treatment equipments.
−	*Medical systems segment has over 14,000 employees
−	===Projections for FY 2012===	+	* Porcine vaccines is the largest sub-segment in the Veterinary Vaccines market which is forecasted to grow to $1.32 Bn market by 2015.
−	Quarter 3	+	* Canine and Feline Vaccine markets are slightly behind the Porcine Vaccines market in terms of market size
		+	* Canine Vaccines is the fastest growing segment among all the sub-segments with the growth rate of 5.81%
	<br>		<br>
		+	Source: Dolcera Analysis
−	* In endoscopes, new shipments of some products (Lucera) have ground to a halt, but the company expects to see a rebound in 2H. For the year as a whole it projects endoscope sales will be down 5% YoY.	+	=Major Players in the Veterinary Vaccines Market=
−	* The company estimates 1H sales in the medical systems division at JPY165bn (-6% YoY), and OP at JPY27bn; it projects 2H sales at JPY195bn (+8%) and OP at JPY43bn.	+	This section lists the top players in the Animal Health Segment based on the revenue generated in 2010. It then analyzes the performance of these players in the veterinary vaccines market by looking at the breakup of the revenues generated by them in the vaccines market, current product portfolio in veterinary vaccines, their R&D focus areas in this segment, veterinary vaccines under clinical trial and the benefits from mergers and acquisitions in this market.
−	* In the medical systems division, new product launches are planned for both surgical endoscopes and energy devices (treatment tools).	+
−	* It projects sales of MIPs (surgical endoscopes, treatment equipment) at JPY180.5bn (+10% YoY). Sales in FY3/11 were flat YoY due mainly to the strength of the yen, but positive growth is expected this year.	+
−	* The company projects sales of gastrointestinal endoscopes at JPY164bn, -5% YoY, reflecting production setbacks in 1H.	+
−	* The earthquake’s impact has caused bottlenecks in purchasing of parts and materials for gastrointestinal endoscopes,leading to delays in product launches. In the latest telephone conference, the company offered no new information about timing. We believe there has been no real change from the company’s comments at the results briefing in May,and it remains to be seen whether the company will be able to launch its new products this fiscal year. The company’s FY3/12 earnings forecasts do not reflect any contribution from new products. Sales in the medical systems division got off to a slow start, falling short of projections in April-May.	+
	<br>		<br>
−	==Endoscopes Business==	+	== Key Players - on Revenue basis ==
		+	Major Players in the Veterinary Vaccines market have been determined based on the revenues they made from Animal Health Segment in 2010. The following table lists down the top players in this market along with the revenues generated by them in Animal Health Segment in 2010. All the figures are in Billion $.
		+	{|border="2" cellspacing="0" cellpadding="4" width="50%" align="center"
		+	|bgcolor = "#4F81BD" align="center"|<font color="#FFFFFF">'''Company'''</font>
		+	|bgcolor = "#4F81BD" align="center"|<font color="#FFFFFF">'''Revenues from Animal Health in 2010 ($ Bn)'''</font>
		+	|-
		+	|bgcolor = "#DBE5F1"|Pfizer
		+	|align = "center" bgcolor = "#DBE5F1"|3.575
		+	|-
		+	|Merck
		+	|align = "center"|2.900
		+	|-
		+	|bgcolor = "#DBE5F1"|Sanofi-Aventis
		+	|align = "center" bgcolor = "#DBE5F1"|2.635
		+	|-
		+	|Bayer Healthcare
		+	|align = "center"|0.800
		+	|-
		+	|bgcolor = "#DBE5F1"|Virbac
		+	|align = "center" bgcolor = "#DBE5F1"|0.781
		+	|-
		+	|Novartis
		+	|align = "center"|0.500
		+	|-
		+	|bgcolor = "#DBE5F1"|Boehringer Ingelheim
		+	|align = "center" bgcolor = "#DBE5F1"|0.354
		+	|-
		+	|Heska Corporation
		+	|align = "center"|0.065
		+	|-
		+	|}
		+	<br>
		+	Source: Company Annual Reports
−	===Market Share===	+	== Comparative Analysis of Key Players ==
		+	The following interactive chart gives a snapshot of all the activities going on in the Veterinary Vaccines market. It gives the sales breakup for all the segments and sub-segments for all the major players in the Veterinary Vaccines market. It also lists down the area of clinical trials and future focus areas of all the major companies in this market.
		+	<br>'''''Please click on the labels to get the corresponding information'''''
−	[[Image:CoSHare1.PNG|centre|frame|Source: Espicom]]	+	{|align = "center"
		+	|<gflash>900 500 http://dolcera.com/upload/files/Comparative_Analysis3_02.swf</gflash>
		+	|-
		+	|}
		+	# Pfizer is the market leader in the Veterinary vaccines market (by revenue) but Merck is the market leader in Livestock Vaccines market and Sanofi-Aventis is leading in the Companion Vaccines market.
		+	# Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
		+	# Two major areas of focus in the Veterinary vaccines market are:
		+	#* Parasiticides
		+	#* Infectious disease vaccines (Bacterian and Virus Vaccines)
		+
		+	Source: Company literature, databases, investment reports, and medical and business journals
	<br>		<br>
−	The worldwide endoscopy market (comprising laparoscopy, gastro-intestinal, visualisation, arthroscopy and urology
−	products, rigid and flexible scopes, implants, surgical and other instruments) was worth approximately '''US$21.3 billion in 2009'''. Olympus’ share of this market was estimated to be 18%($3.834B), behind market leader Johnson & Johnson with an
−	approximate 21% market share. In third place was Covidien (13%), followed by Boston Scientific (7%), Stryker (4%), Smith &
−	Nephew (4%) and Karl Storz (4%).
−	===Product Portfolio===	+	== Company Snapshot ==
		+	The following interactive graph compares all the major players in the veterinary vaccines market on various parameters
−	[[Image:prodcuts_olympus.PNG|center|frame| [http://www.olympus-global.com/en/ Olympus]]]	+	# [[Pfizer Animal Health]]
		+	# [[Merck Animal Health]]
		+	# [[Sanofi-Aventis Animal Health]]
		+	# [[Bayer Healthcare - Animal Health]]
		+	# [[Virbac]]
		+	# [[Novartis Animal Health]]
		+	# [[Boehringer Ingelheim Animal Health]]
		+	# [[Heska Corporation]]
	<br>		<br>
−	In the medical equipment market, growth in the inspection device field has been stagnant, although such therapeutic device fields as surgical and endotherapy devices have shown market growth and drawn attention for technological innovation.
−	<br>
−	* The Exera 2, the previous entry in the Exera series, used NBI technology to enable full-color endoscopy, allowing doctors to more easily recognize affected areas in their patients. This product thus addressed doctors’ needs in the area of visibility, and sales grew worldwide.
−
−	===Recent Developments===	+	= Mergers and Acquisitions =
		+	The following section lists down the major mergers and acquisitions in the veterinary vaccines market and their implications on the veterinary vaccines business of the corresponding companies. It then goes down to analyse one acquisition made in this segment, in detail.
	<br>		<br>
−	{|border="2" cellspacing="0" cellpadding="4" width="100%"	+	== Major Mergers and Acquisitions ==
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''S.No.'''</font>	+	The following table lists down all the major mergers and acquisitions that took place in the last 2 years in the Veterinary Vaccines Market and the implications of the same, on the companies involved.
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Date'''</font>	+
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''News/Development'''</font>	+	{|border="2" cellspacing="0" cellpadding="4" width="100%" align="center"
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''S.No'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Date of Acquisition'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Acquiring Company'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Acquired Company/Business'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Country'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Implications to Veterinary Vaccines business of the Acquiring company/ merged companies'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''% Stake Purchased'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Consideration ($ Mn)'''</font>
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Source'''</font>
	|-		|-
−	|align = "right"|1.	+	|bgcolor = "#DBE5F1"|1
−	|1st July 2011	+	|bgcolor = "#DBE5F1"|29-Dec-10
−	|[http://www.olympus-global.com/en/news/2011b/nr110704spiruse.html Olympus Corporation to Acquire Spirus Medical, Inc., an endoscope insertion device manufacturer]	+	|bgcolor = "#DBE5F1"|Pfizer
		+	|bgcolor = "#DBE5F1"|Synbiotics Corp
		+	|bgcolor = "#DBE5F1"|USA
		+	|bgcolor = "#DBE5F1"|Synbiotics Corporation is a leader in the development, manufacture and marketing of immunodiagnostic tests for companion and food production animals.<br><br>Pfizer Animal Health<nowiki>’</nowiki>s global reach, commercial operations, and expertise in regulatory and marketing functions will expand customer access to such leading products as WITNESS® and ASSURE® for companion animals, the SERELISA® franchise for livestock animals, and PROFLOK for poultry into new markets, especially in emerging markets for Synbiotics Corp. <br><br>Marrying Synbiotics<nowiki>’</nowiki> R&D expertise in diagnostics with the strength of Pfizer veterinary R&D also is expected to help accelerate our diagnostic development program.
		+	|bgcolor = "#DBE5F1"|undisclosed
		+	|bgcolor = "#DBE5F1"|735
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[https://animalhealth.pfizer.com/sites/pahweb/PressReleases/Pages/Pfizer%20Animal%20Health%20To%20Acquire%20Synbiotics%20Corporation,%20Entering%20Diagnostics%20Sector.aspx Pfizer Press Release]</u></font>
	|-		|-
−	|align = "right"|2.	+	|2
−	|26th May 2011	+	|14-Dec-10
−	|[http://www.olympus-global.com/en/news/2011a/nr110526awarde.html Narrow Band Imaging (NBI) endoscopic technology, useful in early cancer detection, selected for the Prime Minister Prize at the 2011 National Commendation for Invention]	+	|Novartis
		+	|Chiron Behring Vaccines
		+	|USA
		+	|Chiron Behring is a joint venture of Novartis Vaccines and Diagnostics Inc. and Aventis Pharma. Novartis and Aventis are currently fighting a couple of cases on the largest selling rabies vaccine brand, Rabipur, after the brand went to Novartis in 2009.<br><br>Rabipur was the largest selling rabies vaccine brand in India sold by Aventis for the last one decade. With this transaction, this dispute will be mutually settled.<br><br>Rabipur, the top selling rabies vaccine, with an almost 60% vaccine share was contributing atleast 10% to Aventis Pharma<nowiki>’</nowiki>s total revenue till it went to Novartis
		+	|49
		+	|22.3
		+	|<font color="#0000FF"><u>[http://www.livemint.com/2010/12/14004955/Novartis-to-acquire-49-stake.html Livemint]</u></font>
	|-		|-
−	|align = "right"|3.	+	|bgcolor = "#DBE5F1"|3
−	|24th May 2011	+	|bgcolor = "#DBE5F1"|11-Oct-10
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=851 Olympus ScopeGuide Receives FDA Clearance]	+	|bgcolor = "#DBE5F1"|Pfizer
		+	|bgcolor = "#DBE5F1"|King Pharmaceuticals Inc
		+	|bgcolor = "#DBE5F1"|USA
		+	|bgcolor = "#DBE5F1"|The transaction will further expand Pfizer<nowiki>’</nowiki>s business profile, including animal health business that will offer a variety of feed additive products for a wide range of species because of the acquisition
		+	|bgcolor = "#DBE5F1"|100
		+	|bgcolor = "#DBE5F1"|3600
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[http://www.bloomberg.com/news/2010-10-12/pfizer-agrees-to-purchase-king-pharmaceuticals-for-3-6-billion-in-cash.html Bloomberg]</u></font>
	|-		|-
−	|align = "right"|4.	+	|4
−	|6th April 2011	+	|24-May-10
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=850 Olympus Names Luke Calcraft as President of Medical Systems Group in the Americas]	+	|Pfizer
		+	|Microtek International Inc
		+	|Canada
		+	|Microtek International, Inc. is a recognized innovator in aquaculture vaccines, R&D and healthcare diagnostic services.  <br><br>The acquisition further expands Pfizer<nowiki>’</nowiki>s commitment to a safe food supply from healthy beef and dairy cattle, swine, poultry and  fish.<br><br>Microtek not only brings to Pfizer Animal Health industry-leading vaccines and technology, but also complements Pfizer<nowiki>’</nowiki>s portfolio of health services and diagnostics for food animal production
		+	|undisclosed
		+	|undisclosed
		+	|<font color="#0000FF"><u>[http://www.prnewswire.com/news-releases/pfizer-animal-health-expands-global-commitment-to-a-safe-food-supply-with-a-new-focus-on-healthy-fish-94817064.html PRNewsWire]</u></font>
	|-		|-
−	|align = "right"|5.	+	|bgcolor = "#DBE5F1"|5
−	|10th February 2011	+	|bgcolor = "#DBE5F1"|5-Mar-10
−	|[http://www.olympus-global.com/en/news/2011a/nr110210corpe.html Olympus Names Michael C. Woodford to Serve as President]	+	|bgcolor = "#DBE5F1"|Virbac
		+	|bgcolor = "#DBE5F1"|Santa Elena laboratory
		+	|bgcolor = "#DBE5F1"|Uruguay
		+	|bgcolor = "#DBE5F1"|Virbac wanted to establish a strategic alliance in the area of vaccines designed for food producing animals. <br><br>This laboratory specializes in  biotechnological products of aerobic and anaerobic fermentation for the manufacturing of bacterian vaccines (inactivated and modified),and a wide range of stable cell lines for the production of virus vaccines, inactivated or lessened. <br><br>With this alliance, Santa Elena will be able to use the solid commercial platform brought by Virbac and introduce its vaccines range in many markets abroad. <br><br>Virbac on its side will benefit from Santa Elena<nowiki>’</nowiki>s skills and know-how in biology to help building up a development and manufacturing base for food-producing animals vaccines, allowing Virbac<nowiki>’</nowiki>s entry into this market segment.
		+	|bgcolor = "#DBE5F1"|30
		+	|bgcolor = "#DBE5F1"|3.7
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[http://www.reuters.com/finance/stocks/VIRB.PA/key-developments/article/1836576 Reuters]</u></font>
	|-		|-
−	|align = "right"|6.	+	|6
−	|25th October 2010	+	|12-Jan-10
−	|[http://www.olympus-europa.com/corporate/1696_4717.htm Magnetically guided capsule endoscope system presented at UEGW in Barcelona]	+	|Virbac
		+	|Veterinary Assets from Pfizer Inc.
		+	|Australia
		+	|Virbac SA will acquire rights to a portfolio of livestock products historically marketed in Australia by Fort Dodge Animal Health for use in farm animals, primarily cattle and sheep. <br><br>The portfolio includes parasiticides (80% of sales) and vaccines (20%) that achieved net sales of approximately AUD 36 million in 2009. <br><br>This new portfolio will perfectly fit and complement the current range of products that Virbac Australia is bringing to its customers.
		+	|100
		+	|undisclosed
		+	|<font color="#0000FF"><u>[http://in.reuters.com/finance/stocks/VIRB.PA/key-developments/article/1795141 Reuters]</u></font>
	|-		|-
−	|align = "right"|7.	+	|bgcolor = "#DBE5F1"|7
−	|26th May 2010	+	|bgcolor = "#DBE5F1"|2-Nov-09
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=762 Olympus Develops World’s Fastest, Most Compatible Endoscope Reprocessor]	+	|bgcolor = "#DBE5F1"|Merck
		+	|bgcolor = "#DBE5F1"|Schering-Plough
		+	|bgcolor = "#DBE5F1"|USA
		+	|bgcolor = "#DBE5F1"|This will double the number of drugs in late stages of development for Merck
		+	|bgcolor = "#DBE5F1"|Merger (Merck shareholders would own 68% of the combined company)
		+	|bgcolor = "#DBE5F1"|41,000
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[http://online.wsj.com/article/SB123659326420569463.html Wall Street Journal]</u></font>
	|-		|-
−	|align = "right"|8.	+	|8
−	|30th April 2010	+	|14-Oct-09
−	|[http://www.olympus-europa.com/corporate/1696_4246.htm Olympus Medical Systems Corporation and Siemens Healthcare announce collaborative development of advanced magnetically guided capsule endoscope system for intragastric observation]	+	|Pfizer
		+	|Wyeth
		+	|USA
		+	|Wyeth acquisition will diversify Pfizer<nowiki>’</nowiki>s pipeline, particularly in vaccines and in biologics<br><br>Pfizer Animal Health will now offer an enhanced portfolio in beef, dairy, and companion animals, as well as a redefined product line for swine, equine and poultry
		+	|100
		+	|68,000
		+	|<font color="#0000FF"><u>[http://www.reuters.com/article/2009/01/26/us-wyeth-pfizer-idUSTRE50M1AQ20090126?feedType=RSS Reuters]</u></font>
	|-		|-
−	|align = "right"|9.	+	|bgcolor = "#DBE5F1"|9
−	|12th April 2010	+	|bgcolor = "#DBE5F1"|21-Sep-09
−	|[http://www.olympus-global.com/en/news/2010a/nr100412omsiple.html Olympus Medical Systems India Private Limited established, would take care of Sales, marketing and service for medical equipment (endoscopes and related products, and surgical products, etc.)]	+	|bgcolor = "#DBE5F1"|Boehringer Ingelheim
		+	|bgcolor = "#DBE5F1"|Pfizer<nowiki>’</nowiki>s certain assets of Wyeth Pharmaceutical<nowiki>’</nowiki>s Fort Dodge Animal Health business
		+	|bgcolor = "#DBE5F1"|Several Countries
		+	|bgcolor = "#DBE5F1"|The deal significantly increases the size of Boehringer Ingelheim<nowiki>’</nowiki>s companion animal and cattle portfolios.<br><br>Boehringer Ingelheim will acquire the Duramune® line of vaccines for dogs, the Fel-O-Vax® line of vaccines for cats, and the Rabvac® line of rabies vaccines manufactured and sold in the U.S., Canada and Australia.  <br><br>In addition, a portfolio of pet and equine pharmaceutical products currently sold in the U.S. is also included in the deal.  <br><br>The company will also acquire cattle vaccines in the U.S. and Canada including the Triangle®, Pyramid, and Presponse® vaccine lines. Pharmaceutical products being acquired include Cydectin® (moxidectin) for cattle and sheep as well as Polyflex® (ampicillin sodium).  <br><br>The dairy portfolio includes the key brands Today® and Tomorrow®.  Several Canadian swine vaccines are included in the acquisition as are some cattle vaccines sold in Europe and South Africa.<br><br>It will build more capabilities in the core vaccine segment and expand Boehringer Ingelheim<nowiki>’</nowiki>s already strong product lines
		+	|bgcolor = "#DBE5F1"|100
		+	|bgcolor = "#DBE5F1"|undisclosed
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[http://www.americancattlemen.com/articles/boehringer-ingelheim-cattle-health Americancattlemen]</u></font>
	|-		|-
−	|align = "right"|10.	+	|10
−	|24th February 2010	+	|17-Sep-09
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=745 Olympus Introduces HDTV Gastroscope with Auxiliary Water Channel]	+	|Sanofi-Aventis
		+	|Merial Ltd (50% stake from Merck)
		+	|USA
		+	|Merial makes pet medicines like flea-and-tick blocker, Frontline and chewable heartworm preventer Heartgard, plus Ivomec, a parasite killer in cattle.
		+	|100
		+	|4,000
		+	|<font color="#0000FF"><u>[http://www.merck.com/newsroom/news-release-archive/corporate/2009_0918.html Merck Press Release]</u></font>
	|-		|-
−	|align = "right"|11.	+	|bgcolor = "#DBE5F1"|11
−	|10th November 2009	+	|bgcolor = "#DBE5F1"|7-Jun-09
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=719 Olympus Introduces World's Smallest GI Scope to Offer 4-Way Angulation and Narrow Band Imaging]	+	|bgcolor = "#DBE5F1"|Pfizer
		+	|bgcolor = "#DBE5F1"|RFCL-Vetnex Animal Health Unit
		+	|bgcolor = "#DBE5F1"|India
		+	|bgcolor = "#DBE5F1"|Vetnex is a market leader in poultry, livestock and pet healthcare and is one of the top three players in the Indian animal healthcare market.<br><br>Opportunity to enter India market
		+	|bgcolor = "#DBE5F1"|100
		+	|bgcolor = "#DBE5F1"|75
		+	|bgcolor = "#DBE5F1"|<font color="#0000FF"><u>[http://articles.economictimes.indiatimes.com/2009-06-09/news/28467472_1_rfcl-animal-healthcare-pfizer-animal-health Economic Times]</u></font>
	|-		|-
−	|align = "right"|12.	+	|}
−	|23rd October 2009	+	<br>
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=713 Improved Endo Capsule Software Enhances Diagnostic Experience]	+
		+	== Analysis of Pfizer's Acquisition of Wyeth==
		+	{|border="2" cellspacing="0" cellpadding="4" width="30%" align="center"
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Date of Acquisition'''</font>
		+	|14-Oct-09
	|-		|-
−	|align = "right"|13.	+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Acquiring Company'''</font>
−	|16th February 2009	+	|Pfizer
−	|[http://www.olympusamerica.com/corporate/corp_presscenter_headline.asp?pressNo=662 Olympus Introduces World’s First Combined Endoscopic Ultrasound Processor for Imaging and Treatment of Digestive and Pulmonary Diseases]	+
	|-		|-
−	|align = "right"|14.	+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Acquired Company'''</font>
−	|11th December 2008	+	|Wyeth
−	|[http://www.olympus-europa.com/corporate/1696_3032.htm Olympus further enhances credentials by entering into exclusive sales and distribution partnership with market and technology leader Advanced Surgical Concepts]	+
	|-		|-
−	|align = "right"|15.	+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Country'''</font>
−	|17th November 2008	+	|USA
−	|[http://www.olympus-europa.com/corporate/1696_2774.htm Olympus Medical Systems Europa and BrainLAB Sign Sales and Marketing Cooperation Agreement]	+	|-
		+	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Consideration'''</font>
		+	|$68 Bn
	|-		|-
	|}		|}
	<br>		<br>
−	==Gastrointestinal Endoscopes Business==
−	With an approximately 70% global market share for gastrointestinal endoscopes and an established position at the medical vanguard, Olympus maintains its passion for advancing technologies in response to doctors' needs	+	Post the acquisition, Pfizer Animal Health is now the world<nowiki>’</nowiki>s leader in the discovery, development, manufacture and sales of veterinary vaccines and medicines for livestock and companion animals.
	<br>		<br>
−	===Diagnosis and Treatment using Gastrointestinal Endoscopy===	+	=== Relevance to Pfizer Animal Health Business ===
		+	Fort Dodge Animal Health is one of the divisions of Wyeth, which is a leader in the manufacturing of prescription and over-the-counter vaccines and pharmaceuticals for veterinary medicine as well as livestock.
		+	<br>
		+
		+
		+	=== Reasons for the acquisition ===
		+	==== 1. Diversified its U.S. portfolio ====
		+
		+	The following products have been added to Pfizer Animal Health portfolio post acquisition:
		+	* Beef and dairy animal health portfolio - FACTREL®, SYNOVEX®
		+	* Swine market portfolio - SUVAXYN®, SUVAXYN PCV-2
		+	* Poultry Health Portfolio - POULVAC®, MATERNAVAC® IBD-Reo
		+	* Equine health portfolio - WEST NILE INNOVATOR ®, FLU VAC INNOVATOR ®, QUEST®, QUEST PLUS®
		+	* Canine portfolio - LYMEVAX®
−	'''Diagnosis'''
−	* Biopsy
−	* Cytodiagnosis
−	* Staining
	<br>		<br>
−	'''Treatment'''	+	==== 2. Foray into new business areas ====
−	* Cancer (esophageal, stomach, colon, etc.)	+	* Wyeth has expanded Pfizer's presence in animal health
−	* Varcies (esophageal)	+	* Augments in-line and pipeline portfolio in “invest to win” disease areas
−	* Foreign object retrieval ( esophagus, stomach)	+	* Enhances the scientific, manufacturing and pharmaceutical science capabilities of Pfizer
−	* Hemostasis (stomach)	+	* Provides the best opportunities for world class, high performing talent in the industry
−	* Ployps (stomach, colon)	+	<br>
−	* Gallstones, bile duct stenosis (duodenum)	+	==== 3. Strengthens Platforms for Improved, Consistent and Stable Earnings Growth ====
		+	* Pfizer’s CAGR before acquisition (2008-13)= -5.3%
		+	* Wyeth’s CAGR before acquisition (2008-13)= 4.3%
		+	* Combined Pfizer-Wyeth CAGR (2008-13) = 0.9%
		+	* Wyeth contributes a large revenue increment to Pfizer
		+	<br>
		+	==== 4. Addresses Revenue Loss from Lipitor patent expiry ====
		+	* Lipitor accounted for over 28% of Pfizer's sales in 2008
		+	* Lipitor was going to lose US patent exclusivity in 2011, leading to significant revenue losses
		+	* This acquisition makes up for the revenue loss from the exclusivity of Lipitor
		+	<br>
		+
		+	=== Legal Issues due to the acquisition ===
		+	The complaint charges that the proposed transaction likely would harm competition in each of the relevant markets by reducing the number of suppliers and leaving veterinarians and other animal health product customers with limited options. Without the competition provided by Pfizer and Wyeth in these markets, customers are more likely to see prices rise, according to the complaint. The complaint further alleges that the entry of new competitors in these markets would not be timely, likely, nor sufficient to offset the loss of competition, and that the transaction would increase the likelihood that Pfizer could act on its own or with other companies to raise prices.
		+	<br>
		+	==== Divesture of certain Animal Health Assets of Wyeth to Boehringer Ingelheim ====
		+
		+	Pfizer divested some of the Fort Dodge Animal Health products it acquired from Wyeth, within 10 days from the acquisition, to Boehringer Ingelheim to settle the anticompetitive effects the Federal Trade Commission believes are likely to result from the transaction in numerous markets for animal health products.
		+
		+	Due to this transaction, the Federal Trade Commission approved that it would not harm consumers in any prescription drug market where the companies currently overlap, reduce incentives to innovate, create intellectual property barriers, or allow Pfizer to engage in anticompetitive marketing.
		+
		+	Source: [http://www.ftc.gov/opa/2009/10/pfizer.shtm Federal Trade Commission], [http://www.equinechronicle.com/business/new-pfizer-animal-health-is-unveiled-with-acquisition-of-wyeth.html Equinechronicle]
		+	<br><br>
		+
		+	= Emerging Trends in Veterinary Vaccines =
		+	# Companion Veterinary Vaccines are trailing on high growth track
		+	#* Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
		+	#* In companion vaccines, canine vaccines is forecasted to grow at the highest pace and is expected to be the leading segment in the Veterinary Vaccines market
		+	# Two major segments in focus:
		+	#* Canine
		+	#* Porcine
		+	# Two major areas of focus in the Veterinary vaccines market are:
		+	#* Parasiticides
		+	#* Infectious disease vaccines (Bacteria and Virus Vaccines)
−	===Market Share===
−	[[Image:Coshare.PNG|center|frame|Source: Espicom]]
	<br>		<br>
−	{|border="2" cellspacing="0" cellpadding="4" width="52%" align="center"	+	=<span style="color:#C41E3A">Like this report?</span>=
−	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Company ( in Billion Yen)'''</font>	+	<p align="center"> '''This is only a sample report with brief analysis''' <br>
−	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''2009'''</font>	+	'''Dolcera can provide a comprehensive report customized to your needs'''</p>
−	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''2010'''</font>	+	{|border="2" cellspacing="0" cellpadding="4" align="center" "
−	|bgcolor = "#4F81BD"|<font color="#FFFFFF">'''2011'''</font>	+	|style="background:lightgrey" align = "center"  colspan = "3"|'''[mailto:info@dolcera.com <span style="color:#0047AB">Buy the customized report from Dolcera</span>]'''
	|-		|-
−	|bgcolor = "#DBE5F1"|Olympus	+	| align = "center"| [http://www.dolcera.com/website_prod/services/ip-patent-analytics-services Patent Analytics Services]
−	|align = "right"| 212.89	+	|align = "center"| [http://www.dolcera.com/website_prod/services/business-research-services Market Research Services]
−	|align = "right"| 191.94	+	|align = "center"| [http://www.dolcera.com/website_prod/tools/patent-dashboard Purchase Patent Dashboard]
−	|align = "right"| 195.45	+
	|-		|-
−	|bgcolor = "#DBE5F1"|FujiFilm HD	+	|align = "center"| [http://www.dolcera.com/website_prod/services/ip-patent-analytics-services/patent-search/patent-landscapes Patent Landscape Services]
−	|align = "right"| 26.98	+	|align = "center"| [http://www.dolcera.com/website_prod/research-processes Dolcera Processes]
−	|align = "right"| 25.00	+	|align = "center"| [http://www.dolcera.com/website_prod/industries Industry Focus]
−	|align = "right"| 27.00	+
	|-		|-
−	|bgcolor = "#DBE5F1"|Hoya	+	|align = "center"| [http://www.dolcera.com/website_prod/services/ip-patent-analytics-services/patent-search/patent-landscapes Patent Search Services]
−	|align = "right"| 48.87	+	|align = "center"| [http://www.dolcera.com/website_prod/services/ip-patent-analytics-services/alerts-and-updates Patent Alerting Services]
−	|align = "right"| 47.00	+	|align = "center"| [http://www.dolcera.com/website_prod/tools Dolcera Tools]
−	|align = "right"| 45.00	+
	|-		|-
	|}		|}
		+	<br>
		+	=Contact Dolcera=
−	===Products Offered===	+	{| style="border:1px solid #AAA; background:#E9E9E9" align="center"
−	<br>	+
−	{|border="2" cellspacing="0" cellpadding="4" width="100%"	+
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Speciality'''</font>	+
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Details'''</font>	+
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Picture'''</font>	+
−	|align = "center" bgcolor = "#4F81BD"|<font color="#FFFFFF">'''Products'''</font>	+
	|-		|-
−	|align = "center" rowspan = "1" bgcolor = "#4F81BD"|'''Gastroscopy'''	+	! style="background:lightgrey" | Samir Raiyani
−	|bgcolor = "#DBE5F1"| Endoscopic examination, therapy or surgery of the interior of the stomach.	+
−	|[[Image:Gastroscope2.PNG|120px]] [[Image:Gastroscope.PNG|120px]] [[Image:Gastroscope1.PNG|120px]]	+
−	|	+
−	* GIF-H180J: Enables one to perform upper gastrointestinal endoscopy utilising the latest auxiliary water function and the sharpest possible image quality provided by High-resolution HDTV images featuring Narrow Band Imaging™ (NBI) and Close Focus	+
−	* GIF-H180: Delivers the best possible image quality for upper GI. High-resolution HDTV images in combination with Narrow Band Imaging (NBI) and Close Focus functionality	+
−	* GIF-XP180N: Ultra-slim upper gastrointestinal endoscopy with four-way angulation, NBI compatibility and a 5.5mm diameter distal end and insertion tube	+
−	* GIF-Q180: Features a short bending section as well as a reduced bending radius. Manoeuvrability and observation especially in the cardia region are enhanced.	+
−	* GIF-N180: The entire insertion tube measures just 4.9mm in diameter, resulting in improved insertability and the option for transnasal insertion in nearly 100 % of cases.	+
−	* GIF-Q165: Clear, sharp high-quality images in a large-size display and slim, 9.2 mm diameter distal end insertion tuber with wide 140° feild of view	+
−	* GIF-2T160: Two-channel endoscope for a variety of therapeutic applications	+
−	* GIF-XTQ160: Endoscope with powerful suction capabilities	+
−	* GIF-1TQ160: Endoscope with extended instrumentation capabilities	+
−	* GIF-Q160Z: Powerful 115 times magnification for detailed examination of the mucous surface	+
	|-		|-
−	|align = "center" rowspan = "1" bgcolor = "#4F81BD"|'''Duodenoscopy'''	+	| '''Email''': [mailto:info@dolcera.com info@dolcera.com]
−	|bgcolor = "#DBE5F1"| Endoscopic examination, therapy or surgery of the luminal surface of the duodenum	+
−	|[[Image:TJF-Q180V.PNG|100px]] [[Image:TJF-160VR.PNG|100px]]	+
−	|	+
−	* TJFQ180V: Provides critical visual feedback to enhance clinical decision making. In addition, a completely redesigned forceps elevator offers doctors the control needed when locking various sizes of guidewire. The unique dual locking function  sets a new standard for ease-of-use and security during instrument exchange.	+
−	* TJF-160VR: Innovative V Groove forcep elevator offers reliable duodenoscopic treatment capability in combination with dedicated V-System ERCP devices	+
−	* TJF-145: Excellent treatment capability with extra-large 4.2mm channel - perfect for a wide range of endo-therapy accessories including stents.	+
−	* JF-140R: Facilitates introduction and manipulation of EndoTherapy accessories (for example papillotomes and ERCP catheters). The removable distal cap makes it possible to have access to all sides of the forceps elevator which can consequently be easily and quickly cleaned.	+
−	|-	+
−	|align = "center" rowspan = "1" bgcolor = "#4F81BD"|'''Colonoscopy'''	+
−	|bgcolor = "#DBE5F1"| Endoscopic examination, therapy or surgery of the luminal surface of the colon.	+
−	|[[Image:CF-180AI.PNG|100px]] [[Image:CQ-180AI.PNG|100px]] [[Image:CF-Q160DI.PNG|100px]]	+
−	|	+
−	* CF-H180AI/L: High-resolution HDTV images combined with the widest field of view ever available in a colonoscope: 170° lets you look even behind the folds potentially decreasing the miss-rate and improving orientation inside the colon.	+
−	* CF-Q180AI/L: The widest field of view ever available in a colonoscope: 170° lets you look even behind the folds potentially decreasing the miss-rate and improving orientation inside the colon.	+
−	* CF-Q160DI/L: ScopeGuide is a new Olympus product, which displays the shape and position of a colonoscope in real time throughout the examination without the use of x-rays. It based on magnetic fields generated by small coils build inside this endoscope and picked up by the antenna of ScopeGuide's main unit. From this data, the computer reconstructs a schematic picture of endoscope on the display.	+
−	* PCF-H180AI/L: Extra-slim colonoscope featuring outstanding high-resolution HDTV imaging and adjustable insertion characteristics	+
−	* CF-Q165I/L: Versatile colonoscope combining high image quality, large-size display and powerful treatment capability.	+
−	* CF-1T140I/L: For use in both therapeutic procedures and routine examinations, offers “graduated flexibility” for ease of insertion, and greater operational control and torque transmission to the distal end.	+
−	* CF-2T160I/L: Two-channel therapeutic capabilities	+
−	* CF-Q160ZI/L: Precision design that enables lens movement fully controlled via a connected magnification controller, which also provides foot switch operation.  Powerful 150 times zoom magnification delivers detailed close-ups	+
−	|-	+
−	|align = "center" rowspan = "1" bgcolor = "#4F81BD"|'''Proctoscopy'''	+
−	|bgcolor = "#DBE5F1"| Endoscopic examination, therapy or surgery of the luminal surface of the rectum.	+
−	|[[Image:Procto.PNG|100px]]	+
−	|	+
−	* Rectal Diagnostic System: a complete line-up of instruments for rectoscopy, which have been especially designed for the diagnosis of possible disorders in the rectal region. Highest functionality combined with long-term durability distinguishes these instruments at reasonable investment costs.	+
−	* Transanal Endoscopic Microsurgery System: a versatile line up of transparent tubes enable clear inspection of the affected area. Access to a lesion is made easier by a "side window sheath". Fully compatible with standard  VISERA equipment.	+
−	|-	+
−	|align = "center" rowspan = "1" bgcolor = "#4F81BD"|'''Enteroscopy'''	+
−	|bgcolor = "#DBE5F1"|Endoscopy of the small intestines accomplished while advancing the endoscope into the intestines from the stomach	+
−	|[[Image:Enteroscope1.png|100px]] [[Image:Enteroscope2.png|100px]]	+
−	|	+
−	* QuickClip2 Hemostatic Clip: Rotatable function provides better targeting capability . It's 9 mm clip opening is ideal for targeting lesions in the tight confines of the small bowel	+
−	* Injector Force Max Injection Needle: Kink-resistant sheath improves procedure efficiency and limits the occurrence of kinking in the depths of the small bowel.	+
−	* BiCOAG: Bipolar spiral tip allows effective coagulation at virtually any angle and centrally located flushing port allows for easy irrigation	+
−	* PolyLoop Ligating Loop: Proprietary ligating loop for prophylactic hemostasis	+
−	* Biopsy Forceps: Specially designed to minimize damage to the enteroscope with it's stainless steel construction.	+
	|-		|-
		+	| '''Phone''': +1-650-269-7952
	|}		|}
−	<br>
−	Source: Company website
−
−	===New Products===
−	* '''Evis Lucera Colono-Videoscope:''' It helps in reducing the burden on patients and improving performance for both the inspection and treatment of colorectal cancer through the incorporation of two new functions, namely, high flexibility and highly responsive control at the insertion site, while adopting a thinner scope.
−	* '''Evis Lucera Gastrointestinal Videoscope:''' This slim gastrointestinal videoscope can be inserted through the nasal tract or the mouth to realise high quality images and is suited for the examination of lesions in the upper digestive tract, for example, in the stomach.
−	* '''Capsule Endoscopes:'''<br> [[Image:Capsule.png|right|120px]] They are non-invasive, endoscopic imaging by use of VIDEO CAPSULE ENDOSCOPES to perform examination of the gastrointestinal tract, especially the small bowel. After being introduced in 2007, they have become a revolution. High-resolution imaging, real-time viewing, ease of use and proprietary hard and software make EndoCapsule a comprehensive and powerful system - redefining capsule endoscopy.<br> One has to simply swallow the Endo capsule, a pill sized (11mm in external diameter and 26mm in length) capsule equipped with a tiny camera and lights, allows pictures to be taken of the entire small bowel. Endo capsule delivers high resolution images equivalent to those provided by endoscopes. EndoCapsule displays a clear and bright field of view for the fine observation of a variety of small bowel abnormalities.<br>The Real Time Viewer enables the physician to test the proper functionality before the procedure and to confirm the location of the capsule in the GI tract during the process. In addition it is now possible to check whether and when the capsule has left the stomach.<br>Product Details:[[Image:Capsule1.png|right|140px]]
−	** Supersensitive CCD
−	** Ultra compact lens
−	** Automatic Brightness Control adjusts illumination to maintain optimal imaging
−	** A wide depth of field provides superior observation
−	** 6 white LED lights always ensure a clear field of view
−	** Compact battery with energy efficient technology
−	The company is developing technologies to expand the application of capsule endoscopes to the stomach and large bowel.
−	<br>
−	Source: Company website, SEC fillings

---

Latest revision as of 04:03, 2 June 2014

The following report studies the Veterinary Vaccines market in detail and analyzes the market information to come up with Future trends and Attractive segments in this market.

The following is a snapshot of the complete report:

• The Global Veterinary Vaccines market ($4.23 Bn) accounted for around 20% of the total Vaccines market ($29.71 Bn) in 2010. It is expected to grow with a CAGR of 5.80% to reach the market size of $5.6 Bn by 2015.
• United States represents the largest market for Veterinary vaccines worldwide, with the market share of 46% and market size of $1.94 Bn in 2010.
• Porcine vaccines is the largest sub-segment in the Veterinary Vaccines market which is forecasted to grow to $1.32 Bn market by 2015 whereas Canine Vaccines is the fastest growing segment among all the sub-segments with the growth rate of 5.81%.
• The top 3 players in the Veterinary Vaccines market are Pfizer, Merck and Sanofi-Aventis, based on the revenues they generated in the Animal Health Segment in 2010.
• The report contains the company profile of 8 major players in this segment, with focus on their Veterinary Vaccines market activities only.
• There have been 11 Mergers/Acquisitions in the Veterinary Vaccines market in the last two years (2009-2011), with Pfizer acquiring Wyeth being the largest aquisition based on the deal size and the value add, it brought to Pfizer in the Veterinary Vaccines market and its portfolio. This acquisition has been analyzed in the market report.

Based on the market analysis, R&D trends, future focus areas of the key players and transactional activities in this segment, we conclude the following trends in the Veterinary Vaccines market:

1. Companion Veterinary Vaccines are trailing on high growth track
   • Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
   • In companion vaccines, canine vaccines is forecasted to grow at the highest pace and is expected to be the leading segment in the Veterinary Vaccines market
2. Two major segments in focus:
   • Canine
   • Porcine
3. Two major areas of focus in the Veterinary vaccines market are:
   • Parasiticides
   • Infectious disease vaccines (Bacteria and Virus Vaccines)

Introduction

Vaccination protects hundreds of millions of animals worldwide from disease and possibly death. Animals, just like humans, suffer from a range of infectious diseases. As veterinary medicine has advanced, prevention of disease has become a priority as healthy food comes from healthy animals. One of the best means of preventing disease is by creating immunity in the animal. This is usually achieved by vaccination.

Not all animals need every vaccine. Some, like clostridial disease prevention, are basically routine, just like childhood vaccination programmes. The vaccination programme chosen for farm animals depends on the management system, the location of the farm and the history of the herd or flock (and whether or not a disease is likely to be encountered). Most farm animals are young, and these animals (just like children) are often more susceptible to infection. So, for example, calves often need to be protected by vaccination against respiratory disease. Some of the diseases that can be prevented are shown below.

Species Diseases Controlled by Vaccines

1. Cattle - Blackleg, tetanus, ’husk’ (lungworm disease), rotavirus, infectious bovine rhinotracheictis (IBR), respiratory syncytial virus, pasteurellosis, enteritis, leptospirosis, mastitis, ringworm, BVD, PI3, coronavirus, salmonella, E Coli.
2. Sheep & goats - Clostridial diseases (8 different species including tetanus), pasteurellosis, ovine abortion (chlamydiosis and toxoplasmosis), louping ill, contagious pustular dermatitis (orf), footrot
3. Pigs - Erysipelas, parvovirus, colibacillosis, clostridial disease, atrophic rhinitis, enteritis, porcine pneumonia, PRRS
4. Poultry - Avian coccidiosis, avian encephalomyelitis, avian infectious bronchitis, avian infectious bursal disease, avian reovirus, chicken anaemia virus, duck virus enteritis, egg drop syndrome 1976, erysipelas, infectious laryngotracheitis, Marek’s disease, Newcastle disease, pasteurellosis, post-natal colibacillosis, salmonellosis, swollen head syndrome, turkey haemorrhagic enteritis, turkey rhinotracheitis
5. Fish - Enteric redmouth disease, furunculosis, vibriosis (vibrio anguillarum, vibrio salmonicida and Vibrio viscosus (now named moratella viscosus))
6. Dogs - Distemper, infectious canine hepatitis, leptospirosis, parvovirus, kennel cough (Bordetella bronchiseptica and canine parainfluenza virus). Also rabies for dogs going abroad as part of the PETS scheme.
7. Cats - Feline infectious enteritis (or panleucopenia), feline leukaemia, chlamydia, cat ’flu’ (feline herpes virus and feline calicivirus). Also rabies for cats going abroad as part of the PETS scheme.
8. Horses - Equine herpes virus 1, influenza, tetanus, viral arteritis. Also rabies (not routinely used in the UK)
9. Rabbits - Myxomatosis, viral haemorrhagic disease
10. Pigeons - Paramyxovirus, pigeon pox

Sources: National Office of Animal Health 1,2

Market Overview

The global pharmaceutical industry was $825Bn in 2010, out of which the total Vaccines market accounted for only 3.6% ($29.71 Bn). The vaccines market is classified in two segments: Human Vaccines and Veterinary Vaccines market. The human vaccines market accounts for more than 80% of the total vaccines market, whereas the Veterinary vaccines market accounts for around 20% of the total vaccines market. The focus of this report will be on Veterinary vaccines.

Market Size of Vaccines

• The global sales of human and animal vaccines were $22.5 Bn in 2008. In 2010, it has reached approximately $29.71 Bn. The global vaccines market grew at a compound annual growth rate (CAGR) of 14.91% in 2008-2010.
• The global market for human vaccines in 2008 was $18.7 Bn and, with a continuing increase in the global market, reached $25.48 Bn in 2010.
• The Veterinary vaccines market grew from approximately $3.8 Bn in 2008 to about $4.23 Bn in 2010, an increase of about 5.51%.

Indian Veterinary Vaccines Market

• The Indian veterinary vaccine market has reached $107M in 2011 and is forecast to reach $174M by 2020 with a CAGR of 5%.
• The animal vaccines include poultry vaccines,cattle and sheep vaccines.
• The main players in this sector include
  • Indian Immunologicals
  • Indovax
  • Intervet acquired by Merck
  • Biovet
  • Hester Biosciences
  • Brilliant Bio Pharma
  • MSD Animal Health (Merck) and
  • The Institute of Animal Health and Veterinary Biologicals

Source: Dolcera Analysis

Market Forecast for Vaccines

• Veterinary Vaccines market is expected to increase at a 5.7% CAGR between 2010 and 2015 to reach $5.6 billion in 2015, driven by a growing number of diseases in animals, technological breakthroughs in biotechnology and growing awareness of animal disease
• Human Vaccines market is expected to grow at a CAGR) of 19.6% to reach $58.6 billion by the end of 2015.

Geographical Segmentation of Veterinary Vaccines Market

• United States represents the largest market for Veterinary vaccines worldwide, with the market share of 46% and market size of $1.94 Bn in 2010. The growth in the US Veterinary market will slow down in future due to safety concerns, higher market maturity and fewer prospects for mass production and development of new products.
• Europe comes second, with the market share of 33% and the market size of $1.4 Bn in 2010. The European market is mainly driven by the growing demand for livestock. 40% of the revenues in Europe come from France, Germany and United Kingdom, which amounts to $560 Mn

Market Segments of Veterinary Vaccines

Veterinary Vaccines market is divided into 2 major segments:
(i) Livestock Vaccines
(ii) Companion Vaccines

• Livestock Vaccines: Mainly consists of Farm animals like Cattle, pigs, sheep, poultry, aquaculture and bees
• Companion Animals: Mainly consist of Dogs, cats and horses

• Livestock Vaccines Market:
  • Among the two segments analyzed, Livestock Vaccines accounts for the larger share of about 59% in 2010.
  • Porcine vaccines are the largest sub-segment within Livestock Vaccines.
  • The revenues from Porcine Vaccines market have touched $1 Bn in 2010.

• Companion Vaccines Market:
  • Companion Vaccines account for 41% of the Veterinary Vaccines market in 2010.
  • Companion Vaccines market is sub-divided into 3 segments, namely, Canine, Feline and Equine.
  • Among these segments, Canine and Feline segments are large and account for 95% of the sales in Companion Vaccines.
  • Equine vaccines only accounts for 5% of the sales in this segment.
  • Canine vaccines are the fastest growing segment within Companion vaccines with the growth potential of more than 5% over the period to 2015.

Market Analysis of Veterinary Vaccines

The following chart shows the percentage breakup of all the 5 segments in the Veterinary Vaccines market. It also shows the market forecast for each of the segments for the years 2010 - 2015. Please click on the required segment in the pie-chart to get the market forecast for that segment in the bar chart.

Please click on the segments in the pie-chart to get the corresponding segment forecast for 2010-2015

• Porcine vaccines is the largest sub-segment in the Veterinary Vaccines market which is forecasted to grow to $1.32 Bn market by 2015.
• Canine and Feline Vaccine markets are slightly behind the Porcine Vaccines market in terms of market size
• Canine Vaccines is the fastest growing segment among all the sub-segments with the growth rate of 5.81%

Source: Dolcera Analysis

Major Players in the Veterinary Vaccines Market

This section lists the top players in the Animal Health Segment based on the revenue generated in 2010. It then analyzes the performance of these players in the veterinary vaccines market by looking at the breakup of the revenues generated by them in the vaccines market, current product portfolio in veterinary vaccines, their R&D focus areas in this segment, veterinary vaccines under clinical trial and the benefits from mergers and acquisitions in this market.

Key Players - on Revenue basis

Major Players in the Veterinary Vaccines market have been determined based on the revenues they made from Animal Health Segment in 2010. The following table lists down the top players in this market along with the revenues generated by them in Animal Health Segment in 2010. All the figures are in Billion $.

Company	Revenues from Animal Health in 2010 ($ Bn)
Pfizer	3.575
Merck	2.900
Sanofi-Aventis	2.635
Bayer Healthcare	0.800
Virbac	0.781
Novartis	0.500
Boehringer Ingelheim	0.354
Heska Corporation	0.065

Source: Company Annual Reports

Comparative Analysis of Key Players

The following interactive chart gives a snapshot of all the activities going on in the Veterinary Vaccines market. It gives the sales breakup for all the segments and sub-segments for all the major players in the Veterinary Vaccines market. It also lists down the area of clinical trials and future focus areas of all the major companies in this market.
Please click on the labels to get the corresponding information

1. Pfizer is the market leader in the Veterinary vaccines market (by revenue) but Merck is the market leader in Livestock Vaccines market and Sanofi-Aventis is leading in the Companion Vaccines market.
2. Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
3. Two major areas of focus in the Veterinary vaccines market are:
   • Parasiticides
   • Infectious disease vaccines (Bacterian and Virus Vaccines)

Source: Company literature, databases, investment reports, and medical and business journals

Company Snapshot

The following interactive graph compares all the major players in the veterinary vaccines market on various parameters

1. Pfizer Animal Health
2. Merck Animal Health
3. Sanofi-Aventis Animal Health
4. Bayer Healthcare - Animal Health
5. Virbac
6. Novartis Animal Health
7. Boehringer Ingelheim Animal Health
8. Heska Corporation

Mergers and Acquisitions

The following section lists down the major mergers and acquisitions in the veterinary vaccines market and their implications on the veterinary vaccines business of the corresponding companies. It then goes down to analyse one acquisition made in this segment, in detail.

Major Mergers and Acquisitions

The following table lists down all the major mergers and acquisitions that took place in the last 2 years in the Veterinary Vaccines Market and the implications of the same, on the companies involved.

S.No	Date of Acquisition	Acquiring Company	Acquired Company/Business	Country	Implications to Veterinary Vaccines business of the Acquiring company/ merged companies	% Stake Purchased	Consideration ($ Mn)	Source
1	29-Dec-10	Pfizer	Synbiotics Corp	USA	Synbiotics Corporation is a leader in the development, manufacture and marketing of immunodiagnostic tests for companion and food production animals. Pfizer Animal Health’s global reach, commercial operations, and expertise in regulatory and marketing functions will expand customer access to such leading products as WITNESS® and ASSURE® for companion animals, the SERELISA® franchise for livestock animals, and PROFLOK for poultry into new markets, especially in emerging markets for Synbiotics Corp. Marrying Synbiotics’ R&D expertise in diagnostics with the strength of Pfizer veterinary R&D also is expected to help accelerate our diagnostic development program.	undisclosed	735	Pfizer Press Release
2	14-Dec-10	Novartis	Chiron Behring Vaccines	USA	Chiron Behring is a joint venture of Novartis Vaccines and Diagnostics Inc. and Aventis Pharma. Novartis and Aventis are currently fighting a couple of cases on the largest selling rabies vaccine brand, Rabipur, after the brand went to Novartis in 2009. Rabipur was the largest selling rabies vaccine brand in India sold by Aventis for the last one decade. With this transaction, this dispute will be mutually settled. Rabipur, the top selling rabies vaccine, with an almost 60% vaccine share was contributing atleast 10% to Aventis Pharma’s total revenue till it went to Novartis	49	22.3	Livemint
3	11-Oct-10	Pfizer	King Pharmaceuticals Inc	USA	The transaction will further expand Pfizer’s business profile, including animal health business that will offer a variety of feed additive products for a wide range of species because of the acquisition	100	3600	Bloomberg
4	24-May-10	Pfizer	Microtek International Inc	Canada	Microtek International, Inc. is a recognized innovator in aquaculture vaccines, R&D and healthcare diagnostic services. The acquisition further expands Pfizer’s commitment to a safe food supply from healthy beef and dairy cattle, swine, poultry and fish. Microtek not only brings to Pfizer Animal Health industry-leading vaccines and technology, but also complements Pfizer’s portfolio of health services and diagnostics for food animal production	undisclosed	undisclosed	PRNewsWire
5	5-Mar-10	Virbac	Santa Elena laboratory	Uruguay	Virbac wanted to establish a strategic alliance in the area of vaccines designed for food producing animals. This laboratory specializes in biotechnological products of aerobic and anaerobic fermentation for the manufacturing of bacterian vaccines (inactivated and modified),and a wide range of stable cell lines for the production of virus vaccines, inactivated or lessened. With this alliance, Santa Elena will be able to use the solid commercial platform brought by Virbac and introduce its vaccines range in many markets abroad. Virbac on its side will benefit from Santa Elena’s skills and know-how in biology to help building up a development and manufacturing base for food-producing animals vaccines, allowing Virbac’s entry into this market segment.	30	3.7	Reuters
6	12-Jan-10	Virbac	Veterinary Assets from Pfizer Inc.	Australia	Virbac SA will acquire rights to a portfolio of livestock products historically marketed in Australia by Fort Dodge Animal Health for use in farm animals, primarily cattle and sheep. The portfolio includes parasiticides (80% of sales) and vaccines (20%) that achieved net sales of approximately AUD 36 million in 2009. This new portfolio will perfectly fit and complement the current range of products that Virbac Australia is bringing to its customers.	100	undisclosed	Reuters
7	2-Nov-09	Merck	Schering-Plough	USA	This will double the number of drugs in late stages of development for Merck	Merger (Merck shareholders would own 68% of the combined company)	41,000	Wall Street Journal
8	14-Oct-09	Pfizer	Wyeth	USA	Wyeth acquisition will diversify Pfizer’s pipeline, particularly in vaccines and in biologics Pfizer Animal Health will now offer an enhanced portfolio in beef, dairy, and companion animals, as well as a redefined product line for swine, equine and poultry	100	68,000	Reuters
9	21-Sep-09	Boehringer Ingelheim	Pfizer’s certain assets of Wyeth Pharmaceutical’s Fort Dodge Animal Health business	Several Countries	The deal significantly increases the size of Boehringer Ingelheim’s companion animal and cattle portfolios. Boehringer Ingelheim will acquire the Duramune® line of vaccines for dogs, the Fel-O-Vax® line of vaccines for cats, and the Rabvac® line of rabies vaccines manufactured and sold in the U.S., Canada and Australia. In addition, a portfolio of pet and equine pharmaceutical products currently sold in the U.S. is also included in the deal. The company will also acquire cattle vaccines in the U.S. and Canada including the Triangle®, Pyramid, and Presponse® vaccine lines. Pharmaceutical products being acquired include Cydectin® (moxidectin) for cattle and sheep as well as Polyflex® (ampicillin sodium). The dairy portfolio includes the key brands Today® and Tomorrow®. Several Canadian swine vaccines are included in the acquisition as are some cattle vaccines sold in Europe and South Africa. It will build more capabilities in the core vaccine segment and expand Boehringer Ingelheim’s already strong product lines	100	undisclosed	Americancattlemen
10	17-Sep-09	Sanofi-Aventis	Merial Ltd (50% stake from Merck)	USA	Merial makes pet medicines like flea-and-tick blocker, Frontline and chewable heartworm preventer Heartgard, plus Ivomec, a parasite killer in cattle.	100	4,000	Merck Press Release
11	7-Jun-09	Pfizer	RFCL-Vetnex Animal Health Unit	India	Vetnex is a market leader in poultry, livestock and pet healthcare and is one of the top three players in the Indian animal healthcare market. Opportunity to enter India market	100	75	Economic Times

Analysis of Pfizer's Acquisition of Wyeth

Date of Acquisition	14-Oct-09
Acquiring Company	Pfizer
Acquired Company	Wyeth
Country	USA
Consideration	$68 Bn

Post the acquisition, Pfizer Animal Health is now the world’s leader in the discovery, development, manufacture and sales of veterinary vaccines and medicines for livestock and companion animals.

Relevance to Pfizer Animal Health Business

Fort Dodge Animal Health is one of the divisions of Wyeth, which is a leader in the manufacturing of prescription and over-the-counter vaccines and pharmaceuticals for veterinary medicine as well as livestock.

Reasons for the acquisition

1. Diversified its U.S. portfolio

The following products have been added to Pfizer Animal Health portfolio post acquisition:

• Beef and dairy animal health portfolio - FACTREL®, SYNOVEX®
• Swine market portfolio - SUVAXYN®, SUVAXYN PCV-2
• Poultry Health Portfolio - POULVAC®, MATERNAVAC® IBD-Reo
• Equine health portfolio - WEST NILE INNOVATOR ®, FLU VAC INNOVATOR ®, QUEST®, QUEST PLUS® 
• Canine portfolio - LYMEVAX®

2. Foray into new business areas

• Wyeth has expanded Pfizer's presence in animal health
• Augments in-line and pipeline portfolio in “invest to win” disease areas
• Enhances the scientific, manufacturing and pharmaceutical science capabilities of Pfizer
• Provides the best opportunities for world class, high performing talent in the industry

3. Strengthens Platforms for Improved, Consistent and Stable Earnings Growth

• Pfizer’s CAGR before acquisition (2008-13)= -5.3%
• Wyeth’s CAGR before acquisition (2008-13)= 4.3%
• Combined Pfizer-Wyeth CAGR (2008-13) = 0.9%
• Wyeth contributes a large revenue increment to Pfizer

4. Addresses Revenue Loss from Lipitor patent expiry

• Lipitor accounted for over 28% of Pfizer's sales in 2008
• Lipitor was going to lose US patent exclusivity in 2011, leading to significant revenue losses
• This acquisition makes up for the revenue loss from the exclusivity of Lipitor

Legal Issues due to the acquisition

The complaint charges that the proposed transaction likely would harm competition in each of the relevant markets by reducing the number of suppliers and leaving veterinarians and other animal health product customers with limited options. Without the competition provided by Pfizer and Wyeth in these markets, customers are more likely to see prices rise, according to the complaint. The complaint further alleges that the entry of new competitors in these markets would not be timely, likely, nor sufficient to offset the loss of competition, and that the transaction would increase the likelihood that Pfizer could act on its own or with other companies to raise prices.

Divesture of certain Animal Health Assets of Wyeth to Boehringer Ingelheim

Pfizer divested some of the Fort Dodge Animal Health products it acquired from Wyeth, within 10 days from the acquisition, to Boehringer Ingelheim to settle the anticompetitive effects the Federal Trade Commission believes are likely to result from the transaction in numerous markets for animal health products.

Due to this transaction, the Federal Trade Commission approved that it would not harm consumers in any prescription drug market where the companies currently overlap, reduce incentives to innovate, create intellectual property barriers, or allow Pfizer to engage in anticompetitive marketing.

Source: Federal Trade Commission, Equinechronicle

Emerging Trends in Veterinary Vaccines

1. Companion Veterinary Vaccines are trailing on high growth track
   • Livestock Vaccines market is more developed than Companion Vaccines market right now, but the later is catching up very quickly with more number of clinical trials in the Companion Vaccines area
   • In companion vaccines, canine vaccines is forecasted to grow at the highest pace and is expected to be the leading segment in the Veterinary Vaccines market
2. Two major segments in focus:
   • Canine
   • Porcine
3. Two major areas of focus in the Veterinary vaccines market are:
   • Parasiticides
   • Infectious disease vaccines (Bacteria and Virus Vaccines)

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