Zoetis Completes Acquisition of Abaxis, a Leading Global Provider of Veterinary Point-of-Care Diagnostic Instruments
July 31 2018 - 4:53PM
Business Wire
- Announcement follows Abaxis shareholder
approval of the transaction
- Enhances Zoetis’ presence in veterinary
diagnostics, a category of the animal health industry with
approximately 10% compound annual growth over the last three
years1
- Purchase price of US $83 per share in
cash, or approximately $2.0 billion in aggregate
Zoetis Inc. (NYSE: ZTS) today announced the completion of the
acquisition of Abaxis, a leader in the development, manufacture and
marketing of diagnostic instruments for veterinary point-of-care
services for US $83 per share in cash, or approximately $2.0
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 today. It enhances Zoetis’
presence in veterinary diagnostics, a category of the animal health
industry with approximately 10% compound annual growth over the
last three years1.
“Abaxis, with its VetScan® family of diagnostic instruments,
brings Zoetis experienced colleagues and a proven, competitive
platform for growth in diagnostics. 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,”
said Juan Ramón Alaix, Chief Executive Officer of Zoetis.
“Together, we can bring more veterinarian customers comprehensive
solutions to predict, prevent, detect and treat disease in
animals.”
Zoetis company executives will comment on the acquisition and
provide updated financial guidance at the company’s second quarter
2018 financial results webcast and conference call on August 2,
2018, at 8:30 a.m. (ET). Investors and the public may access the
live webcast by visiting the Zoetis website
at http://investor.zoetis.com/events-presentations. A replay
of the webcast will be archived and made available by August 2,
2018.
About Zoetis
Zoetis is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on more
than 60 years of experience in animal health, Zoetis discovers,
develops, manufactures and markets veterinary vaccines and
medicines, complemented by diagnostic products, genetic tests,
biodevices and a range of services. Zoetis serves veterinarians,
livestock producers and people who raise and care for farm and
companion animals with sales of its products in more than 100
countries. In 2017, the company generated annual revenue of $5.3
billion with approximately 9,000 employees. For more information,
visit www.zoetis.com.
Cautionary Statement Regarding Forward-Looking
Information
Statements included in this communication which are not
historical in nature or do not relate to current facts are intended
to be, and are hereby identified as, forward-looking statements for
purposes of the safe harbor provided by Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. The words “may,” “will,” “anticipate,” “could,”
“should,” “would,” “believe,” “contemplate,” “expect,” “estimate,”
“continue,” “plan,” “project” and “intend,” as well as other
similar words and expressions of the future, are intended to
identify forward-looking statements. Zoetis Inc. (“Zoetis”)
cautions readers that forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from anticipated results. Such risks and
uncertainties, include, among others, the following possibilities:
the outcome of any legal proceedings that may be instituted against
Zoetis or Abaxis, Inc. (“Abaxis”); the possibility that the
anticipated benefits of the transaction are not realized when
expected or at all, including as a result of the impact of, or
problems arising from, the integration of the two companies or as a
result of the strength of the economy and competitive factors in
the areas where Zoetis and Abaxis do business; the possibility that
the completion of the transaction was more expensive than
anticipated, including as a result of unexpected factors or events;
diversion of management’s attention from ongoing business
operations and opportunities; potential adverse reactions or
changes to business or employee relationships, including those
resulting from the announcement or completion of the transaction;
the ability to complete the integration of Abaxis successfully; and
other factors that may affect future results of Zoetis. Additional
factors that could cause results to differ materially from those
described above can be found in Zoetis’ Annual Report on Form 10-K
for the year ended December 31, 2017, which is on file with the
Securities and Exchange Commission (the “SEC”) and in other
documents Zoetis files with the SEC.
1 Based on internal estimates and publicly available
information
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version on businesswire.com: https://www.businesswire.com/news/home/20180731005971/en/
Zoetis Media:Elinore White, 1-973-443-2835
(o)elinore.y.white@zoetis.comorBill Price, 1-973-443-2742
(o)william.price@zoetis.comorZoetis Investors:Steve
Frank, 1-973-822-7141 (o)steve.frank@zoetis.com
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