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Virbac M&A Activity 2025
1753_iss_2025-12-16_e5cef791-8d41-496e-9718-297f818202d5.pdf
M&A Activity
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Feline Hyperthyroidism: Virbac acquires Thyronorm
Acquisition provides Virbac with a leading specialty product, in a growing segment, to improve the quality of life for senior cats.
We are delighted to announce the acquisition of an innovative drug from Norbrook to stabilize feline hyperthyroidism. Virbac will ensure the direct distribution of this treatment under the Thyronorm brand in the United Kingdom, Australia, and New Zealand, and under the Felanorm brand in the United States. In Europe, distribution will continue to be managed by Boehringer Ingelheim and Elanco (in Germany) before being gradually taken over by Virbac. This solution is a strong fit to our existing portfolio and capabilities.
The transaction, valued at around £100 million, is expected to be accretive to Virbac Group sales growth and EBITDA margin from year 1.
Hyperthyroidism is a common endocrine disease affecting over 10% of older cats. Causing a metabolic imbalance (weight loss, heat intolerance, irritability, tachycardia, and sometimes diarrhea or vomiting), the over-secretion of thyroid hormones can be fatal if not diagnosed and managed in time.
With the rising number of household cats and their longer lifespan, this kind of innovation is increasingly vital for treating chronic diseases. Marketed since 2016, Thyronorm comes in a liquid form that is more practical to administer than tablets and allows for exact dosing for veterinarians and pet owners. This is a concrete improvement in the daily lives of senior cats.
Partnership and future potential
Norbrook will continue to be our trusted partner as the product's manufacturer (CMO). Currently generating a revenue of €14 million (corresponding to in-market sales of approximately €27 million), this product has strong development potential. With Virbac's global presence and deep veterinary relationships, we are well placed to build on the position of Norbrook, gradually take over the distribution of the product in our markets, and ensure that more vets and cat parents will have access and education to the benefits of this product.
Paul Martingell, CEO of the Virbac Group: "This acquisition is a great example of our commitment to advancing the health of animals with those that care for them, by expanding access and investment behind innovative specialty products for difficult to treat conditions, where there is a growing unmet need. Virbac has a proven track-record of integrating and growing such assets and this is another demonstration that we continue to invest for sustainable growth and can be the partner of choice for companies that develop innovative solutions. We look forward to working with Norbrook in the coming months to ensure a smooth integration and to support even more senior cats with this condition."
About Virbac - Caring for animals together
At Virbac, we are constantly exploring new ways to prevent, diagnose and treat the majority of animal pathologies. We develop care, hygiene and nutrition products to offer complete solutions to veterinarians, farmers and pet owners around the world. Our purpose: advancing the health of animals with those who care for them every day, so we can all live better together.
More information on corporate.virbac.com
Julie Adam - [email protected] - 07 86 82 60 61 Melina Constantinidis - [email protected] - 07 63 18 97 34