San Francisco – June 18, 2018 – Cooley advised Abaxis on its sale to Zoetis, a leading animal health company, for $83 per share in cash or approximately $2 billion in aggregate. Cooley partners Jamie Leigh, Ben Beerle and Jodie Bourdet led the team advising Abaxis. The transaction is expected to close before the end of the year.
The acquisition is expected to enhance Zoetis’ presence in veterinary diagnostics, a category of the animal health industry with approximately 10% compound annual growth over the last three years.
“We see a prime opportunity to grow our business as part of Zoetis,” said Clint Severson, chairman and CEO of Abaxis, in a news release. “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.”
Abaxis is a worldwide developer, manufacturer and marketer of portable blood analysis systems that are used in a broad range of medical specialties in human or veterinary patient care to provide clinicians with rapid blood constituent measurements.
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