Zoetis to Buy Veterinary-Diagnostics Company Abaxis for $2 Billion
16 Mai 2018 - 2:53PM
Dow Jones News
By Allison Prang
Animal-health company Zoetis Inc. has agreed to buy Abaxis Inc.,
a maker of veterinary-diagnostics equipment, in a deal valued at
about $2 billion.
Zoetis has offered $83 a share in cash for Abaxis, about a 16%
premium to Abaxis's closing price Tuesday.
The companies said Wednesday the deal would grow Zoetis's
presence in veterinary diagnostics, a sector that has had an annual
compound growth rate of about 10% for the past three years.
One of the tests Abaxis recently started offering looks for
diseases such as heartworm and Lyme disease in dogs. The bulk of
the company's revenue in its most recent fiscal year came from its
veterinary offerings, while a smaller portion came from other
offerings for humans.
In the year ended March 31, Abaxis generated $244.7 million in
revenue. It employs more than 580 people.
Zoetis makes veterinary vaccines and medicines and offers
diagnostic products, among other things. Last year, the company had
$5.3 billion in revenue and employed 9,000 people.
Shares of Abaxis, up 49% in the past 12 months, rose 15% in
premarket trading. Shares of Zoetis rose 0.2% premarket on low
volume and have risen 38% in the past 12 months.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
May 16, 2018 08:38 ET (12:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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