Parsippany-based Zoetis Inc. has completed the acquisition of California-based Abaxis, a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services.
The deal was for $83 per share in cash or approximately $2 billion in aggregate.
The acquisition, which was first announced on May 16, follows the satisfaction of all conditions to the closing, including the receipt of the approval of the acquisition by Abaxis shareholders at a shareholder meeting earlier.
Zoetis officials say the deal increases the company’s presence in veterinary diagnostics, a category of the animal health industry it feels has an approximately 10 percent compound annual growth over the last three years.
Zoetis CEO Juan Ramón Alaix said the deal increases the abilities of the company.
“Abaxis, with its VetScan family of diagnostic instruments, brings Zoetis experienced colleagues and a proven, competitive platform for growth in diagnostics,” he said. “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.”