Zoetis’ $2 Billion Acquisition of Abaxis

Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Zoetis, and Guggenheim Securities and Barclays are acting as financial advisors. Cooley LLP is acting as legal advisor to Abaxis, and Piper Jaffray is acting as its exclusive financial advisor.

Zoetis Inc. (NYSE:ZTS) and Abaxis, Inc. (NASDAQ:ABAX) entered in a definitive merger agreement pursuant to which Zoetis will acquire Abaxis, a leader in the development, manufacture and marketing of diagnostic instruments for veterinary point-of-care services for US $83 per share in cash, or approximately $2.0 billion in aggregate. 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

Abaxis, founded in 1989 and headquartered in Union City, Calif., is a leading 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. Its VetScan® portfolio of benchtop and handheld diagnostic instruments and consumables serves a large customer base of veterinary practices in North America and is poised for expansion in international markets.

Zoetis is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services.

Cooley advised Abaxis with a team including Jamie Leigh (Picture), Ben Beerle, Jodie Bourdet, Jonie Kondracki, Anne Lieberman, Matthew D. Silverman, Alexandra Cotter, Brandon Marsh, Barbara Mirza, Howard Morse, Megan Browdie, Mike Faber, Jonathan Rivinus, Sarah Lightdale and Wendy Brenner.

 

Involved fees earner: Jamie Leigh – Cooley LLP; Ben Beerle – Cooley LLP; Jodie Bourdet – Cooley LLP; Anne Lieberman – Cooley LLP; Matthew Silverman – Cooley LLP; Alexandra Cotter – Cooley LLP; Brandon Marsh – Cooley LLP; Jonie Kondracki – Cooley LLP; Barbara Mirza – Cooley LLP; Wendy Brenner – Cooley LLP; Howard Morse – Cooley LLP; Megan Browdie – Cooley LLP; Mike Faber – Cooley LLP; Jonathan Rivinus – Cooley LLP; Sarah Lightdale – Cooley LLP;

Law Firms: Cooley LLP;

Clients: Abaxis Inc.;

 

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Author: Ambrogio Visconti