REFILE-UPDATE 5-Zoetis to buy veterinary diagnostics firm Abaxis for $1.9 bln [Reuters (UK)]
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Source: Reuters
Zoetis to buy veterinary diagnostics firm Abaxis for $1.9 billion | Reuters 3 Min Read (Reuters) - Top animal health company Zoetis Inc ( ZTS.N ) will buy Abaxis Inc ( ABAX.O ) for $1.9 billion, looking to capture a bigger slice of the fast-growing market for diagnostics services that cater to household pets and farm animals. The deal announced Wednesday reflects Zoetis’ expectation that the diagnostics category will grow at a faster pace than the broader animal health industry. Abaxis — which makes blood and urine tests to predict, detect and treat diseases such as heartworm, Lyme disease or tick-borne infections — will also help its New Jersey-based acquirer bolster its presence in overseas markets. Zoetis faces much lesser competition internationally than in the United States, its Chief Executive Officer Juan Alaix said on a conference call with analysts. “The characteristic of patients in animal health is that they don’t speak. So in our industry, almost every animal getting i
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