Zoetis concludes $2 billion acquisition of Abaxis
The deal will speed Zoetis growth in the diagnostics arena, its CEO says.
Zoetis Inc. has completed its $2 billion takeover of diagnostic equipment maker Abaxis Inc., the companies announced July 31.
The acquisition helps Zoetis, the world’s largest veterinary drug and vaccine maker, to expand other product lines.
“Abaxis, with its VetScan family of diagnostic instruments, brings Zoetis experienced colleagues and a proven, competitive platform for growth in diagnostics,” said Zoetis CEO Juan Ramón Alaix. “By leveraging our global scale and direct customer relationships in approximately 45 countries, we can help Abaxis accelerate that growth in the U.S. and worldwide. Together, we can bring more veterinarian customers comprehensive solutions to predict, prevent, detect and treat disease in animals.”
Abaxis, founded in 1989 and headquartered in Union City, California, reported sales of $244.7 million in the fiscal year ending March 31, 2018.
Parsippany, New Jersey-based Zoetis set a revenue record of $5.3 billion in 2017.