Zoetis Buys Abbott Animal Health Assets in $255 Million Deal
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Zoetis Inc., the animal health company activist investors are pressuring to boost shareholder returns, said it will buy a portfolio of pet drugs from Abbott Laboratories’ for $255 million.
The deal will add products mostly used in surgery to Zoetis’s companion animal business, Zoetis said in a statement today. Zoetis, based in Florham Park, New Jersey, got 36 percent of its $4.56 billion in 2013 sales from drugs for pets. It also sells medicines for farm animals and livestock.