Market Overview

Zoetis Completes Acquisition of Abaxis, a Leading Global Provider of Veterinary Point-of-Care Diagnostic Instruments

Share:
  • Announcement follows Abaxis shareholder approval of the transaction
  • Enhances Zoetis' presence in veterinary diagnostics, a category of the
    animal health industry with approximately 10% compound
    annual growth over the last three years1
  • Purchase price of US $83 per share in cash, or approximately $2.0
    billion in aggregate

Zoetis Inc. (NYSE:ZTS) today announced the completion of the
acquisition of 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, which was first announced on May
16
, follows the satisfaction of all conditions to the closing,
including the receipt of the approval of the acquisition by Abaxis
shareholders at a shareholder meeting earlier today. It enhances Zoetis'
presence in veterinary diagnostics, a category of the animal health
industry with approximately 10% compound annual growth over the last
three years1.

"Abaxis, with its VetScan® family of diagnostic instruments,
brings Zoetis experienced colleagues and a proven, competitive platform
for growth in diagnostics. By leveraging our global scale and direct
customer relationships in approximately 45 countries, we can help Abaxis
accelerate that growth in the U.S. and worldwide," said Juan Ramón
Alaix, Chief Executive Officer of Zoetis. "Together, we can bring more
veterinarian customers comprehensive solutions to predict, prevent,
detect and treat disease in animals."

Zoetis company executives will comment on the acquisition and provide
updated financial guidance at the company's second quarter 2018
financial results webcast and conference call on August 2, 2018, at 8:30
a.m. (ET). Investors and the public may access the live webcast by
visiting the Zoetis website at http://investor.zoetis.com/events-presentations.
A replay of the webcast will be archived and made available by August 2,
2018.

About Zoetis

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.
Zoetis serves veterinarians, livestock producers and people who raise
and care for farm and companion animals with sales of its products in
more than 100 countries. In 2017, the company generated annual revenue
of $5.3 billion with approximately 9,000 employees. For more
information, visit www.zoetis.com.

Cautionary Statement Regarding Forward-Looking Information

Statements included in this communication which are not historical in
nature or do not relate to current facts are intended to be, and are
hereby identified as, forward-looking statements for purposes of the
safe harbor provided by Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The words "may,"
"will," "anticipate," "could," "should," "would," "believe,"
"contemplate," "expect," "estimate," "continue," "plan," "project" and
"intend," as well as other similar words and expressions of the future,
are intended to identify forward-looking statements. Zoetis Inc.
("Zoetis") cautions readers that forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from anticipated results. Such risks and
uncertainties, include, among others, the following possibilities: the
outcome of any legal proceedings that may be instituted against Zoetis
or Abaxis, Inc. ("Abaxis"); the possibility that the anticipated
benefits of the transaction are not realized when expected or at all,
including as a result of the impact of, or problems arising from, the
integration of the two companies or as a result of the strength of the
economy and competitive factors in the areas where Zoetis and Abaxis do
business; the possibility that the completion of the transaction was
more expensive than anticipated, including as a result of unexpected
factors or events; diversion of management's attention from ongoing
business operations and opportunities; potential adverse reactions or
changes to business or employee relationships, including those resulting
from the announcement or completion of the transaction; the ability to
complete the integration of Abaxis successfully; and other factors that
may affect future results of Zoetis. Additional factors that could cause
results to differ materially from those described above can be found in
Zoetis' Annual Report on Form 10-K for the year ended December 31, 2017,
which is on file with the Securities and Exchange Commission (the "SEC")
and in other documents Zoetis files with the SEC.

1 Based on internal estimates and publicly available
information

View Comments and Join the Discussion!