Zoetis to Buy Abaxis
ACQUISITION WOULD ENHANCE COMPANY’S PRESENCE IN VETERINARY DIAGNOSTICS
In a move to enhance its presence in a fast-growing segment of the animal health market, Zoetis announced it will acquire Abaxis, a manufacturer of diagnostic instruments for veterinary point-of-care services, for $2 billion. Zoetis expects to complete the acquisition before the end of 2018.
Veterinary diagnostics category
The veterinary diagnostics category, which includes reference laboratory and point-of-care diagnostics, is estimated to be more than $3 billion, with compound annual growth of 10% over the past three years, according to a company release.
The Abaxis portfolio and platform
Abaxis, founded in 1989 and headquartered in Union City, Calif., is a provider of diagnostic instruments and consumable discs, kits and cartridges to the animal health industry. Abaxis reported revenue of $244.7 million for its fiscal year ended March 31, 2018, an increase of 8% compared to its 2017 fiscal year.