PFIZER AGREES TO SELL FEED-ADDITIVE PRODUCTS TO PHILIPP BROTHERS CHEMICALS, INC.

04.10.2000

NEW YORK, Oct. 2 -- Pfizer Inc has agreed to sell the feed-additive products of its Animal Health Group to Phibro Animal Health, a wholly owned subsidiary of Philipp Brothers Chemicals, Inc., the companies announced today. Terms were not disclosed.

Phibro Animal Health, based in Fairfield, New Jersey, is a leading manufacturer and supplier of feed additives and other products to livestock and poultry producers around the world.

The transaction involves all Pfizer feed-additive product lines, including Aviax® (semduramycin), Banminth® (pyrantel tartrate), Bloat Guard® (poloxalene), CLTC® (chlortetracycline), Coxistac® (salinomycin), Mecadox® (carbadox), Neo-Terramycin® (neomycin-oxytetracycline), OXTC® (oxytetracycline), Rumatel® (morantel tartrate), Stafac® (virginiamycin), and Terramycin® (oxytetracycline).

In November 1999, the Pfizer Animal Health Group confirmed that the company was exploring strategic options, including divestiture, for its feed-additive products.

"This sale enables Pfizer Animal Health to focus on the innovative new livestock and companion-animal products emerging from our R & D pipeline," said Brian W. Barrett, vice president of Pfizer Inc and chairman of the Pfizer Animal Health Group. "Our decision to divest feed additives will also give these products and the people who support them new opportunities for growth with a company specializing in this market."

The transaction is expected to close in the next 60 days.

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