Under the terms of the agreement, Zoetis will pay $83 per share to California-based Abaxis’ shareholders.
“We see a prime opportunity to grow our business as part of Zoetis,” said Clint Severson, Abaxis’ chairman and CEO, in a statement. “We recently invested in expanding operations in Europe, Latin America and the Asia Pacific region, with 20 percent of revenue in fiscal year 2018 coming from our international operations. Zoetis has the global presence and direct veterinary customer relationships to deliver greater value to more customers around the world and accelerate the growth of our international operations.”
The transaction is expected to close by year’s end.