German medical giant Bayer HealthCare LLC has agreed to purchase Teva Pharmaceutical Industries Ltd.’s animal health division based in the United States.

The move enables Bayer to fold Teva’s companion and food animal assets into its existing animal health division, providing an increased presence in the United States market for Bayer. The sale will include approximately 300 employees and a manufacturing location in St. Joseph, Missouri.

Bayer’s acquisition of Teva also nets the company a sizable roster of products for food and companion animals. Teva’s food animal lineup features anti-infective products to treat livestock infections, as well as reproductive hormones. The company’s companion animal offerings include dermatological, pet wellness, and nutraceutical products.

Among its companion animal products, Teva Animal Health lists:

• Malaseb
• HyLyt
• Relief
• Synovi
• DVM Feline Joint Gel
• Lactoquil Soft Chews

According to the joint news release from Bayer and Teva, the deal could reach as much as $145 million. That figure includes an initial $60 million payment, followed by a total of $85 million in milestone payments that are tied to hitting specific manufacturing and sales goals.

“Bayer’s acquisition of Teva Animal Health will further strengthen and broaden our U.S. range of animal care solutions so that, together with our customers, we can continue to protect, cure and care for animals across America,” said Ian Spinks, president and general manager of Bayer HealthCare Animal Health North America, in the press release.

Bayer HealthCare expects the sale to be completed in 2013 after it clears antitrust and regulatory scrutiny, the press release stated.