Zoetis To Buy Animal Health Assets Of Abbott For Purchase Price Of $255 Mln

(RTTNews) - Zoetis Inc. (NYSE:ZTS) announced an agreement to purchase animal health assets of Abbott for a purchase price of $255 million.

According to Zoetis, this acquisition will strengthen its companion animal product portfolio and expand its diagnostics business as more pets are being treated for pain and serious illnesses, such as cancer and diabetes.

Headquartered in Abbott Park, Illinois, Abbott Animal Health is a companion animal health business focused on the veterinary surgical suite. It has a presence in nearly 20 countries and holds a market-leading position with products in anesthesia, fluid therapy, pain, oncology and diabetes monitoring, the company said.

"The transaction is aligned with our value creation strategy to deploy capital to acquire products that enhance our portfolio. This acquisition strengthens our pain portfolio and our diagnostics business so we can deliver more customized solutions to veterinarians," said Zoetis Chief Executive Officer Juan Ramón Alaix.

No other terms of the transaction are being disclosed and the transaction is expected to close in the first quarter of 2015, pending the successful completion of customary regulatory and legal reviews.