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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pfizer Inc | NYSE:PFE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.415 | 1.49% | 28.225 | 28.325 | 27.94 | 27.94 | 59,888,113 | 00:27:47 |
By Chelsey Dulaney
Zoetis Inc. has agreed to buy the animal health business of Abbott Laboratories for $255 million, less than a week after it surfaced that activist investor William Ackman has taken a roughly $2 billion stake in the company.
Abbott Animal Health's products include anesthesia, fluid therapy, pain, oncology and diabetes monitoring. The acquisition will expand Zoetis' diagnostics business as more pets are being treated for pain and serious illnesses, such as cancer and diabetes.
Zoetis, which was spun off Pfizer Inc. last year, makes vaccines and medicines for livestock and household pets. With $4.6 billion in sales in 2013, Zoetis is the largest company in the animal-health industry.
"The addition of Abbott Animal Health assets is an excellent complement to the Zoetis companion animal business and addresses the challenges our customers face today in effectively raising and caring for animals that are living longer and receiving more intensive medical and surgical treatment," said Zoetis Chief Executive Juan Ramón Alaix in a news release.
The deal is expected to close in the first quarter of next year.
The Wall Street Journal reported last week that Mr. Ackman's Pershing Square Capital Management LP has built a roughly 10% stake in Zoetis with fellow hedge fund Sachem Head Capital Management LP. Ackman could push Zoetis to sell itself to a large drug maker such as Valeant Pharmaceuticals International Inc., people familiar with the matter have said.
The animal-health industry has been an active part of the recent mergers-and-acquisitions boom. In April, Novartis AG agreed to sell its animal-health unit to Eli Lilly & Co. for $5.4 billion. The deal is expected to boost Lilly's position in the industry to No. 2 behind Zoetis.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
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