Teva to explore strategic alternatives for animal health unit

said it is exploring strategic alternatives for its animal health business, including a possible divestiture. The Israel-based drug manufacturing company said the decision follows the strategic review it conducted in 2007.

Teva retained Bear Stearns & Co. as its financial adviser to assist in exploring alternatives for the animal health business, which develops proprietary and generic animal health products, mainly in the U.S. and Israel.

President and Chief Executive Shlomo Yanai said in a statement that the company will focus on its core business to maximize long-term growth potential.