Zoetis to buy Abbott Animal Health for $255 million

Zoetis Inc. has announced a $255 million deal to acquire the animal health assets of Abbott. The agreement, expected to close in the first quarter of 2015, will expand Zoetis' companion animal portfolio and diagnostics business with Abbott Animal Health's oncology, blood glucose monitoring, anesthesia, wound care, fluid therapy and nutritional products.

“The addition of Abbott Animal Health assets is an excellent complement to the Zoetis companion animal business and addresses the challenges our customers face today in effectively raising and caring for animals that are living longer and receiving more intensive medical and surgical treatment,” says Zoetis CEO Juan Ramón Alaix in a company release.

Zoetis Group President Kristin Peck says Zoetis' scale and global presence will expand both the reach and penetration of both the Zoetis and Abbott brands. With this acquisition, Zoetis adds PropoFlo, Simbadol and AlphaTRAK as well as other products that serve the veterinary surgical suite.

No other terms of the transaction have been disclosed. In 2013 Zoetis generated annual revenues of $4.6 billion. Abbott serves people in more than 150 countries and employs approximately 69,000 people.