London-based buyout firm Permira is set to treble its money on the sale of a fish vaccine business that it has owned for less than three years, as the average hold period for private equity businesses starts to drop.

Permira has agreed to sell Norway-based aquaculture company Pharmaq to New York-listed animal healthcare company Zoetis Inc for $765 million (€696m), according to a statement from the private equity firm and Pharmaq on November 3.