Valeant Reportedly Makes Approach To Buy Zoetis

(RTTNews) - Canadian drugmaker Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) has made a preliminary approach to buy animal-health company Zoetis Inc. (ZTS), the Wall Street Journal reported Thursday, citing people familiar with the matter.

It is not clear what the company's reaction to the approach was, if any, or whether it is open to a sale, the Journal said.

Zoetis, which makes medicines and vaccines for livestock and pet animals, was spun off from Pfizer, Inc. (PFE) in 2013. The Florham Park, New Jersey-based company had a market capitalization of $27.69 billion as of Thursday's close.

Zoetis shares are gaining 2.20% in after hours trading after closing the day's regular trading session up 11.41% at a record high of $55.38.