Published on : Feb 12, 2015
Zoetis has completed the previously announced purchase of animal health assets of Abbott Laboratories Inc.'s on Tuesday at the cost of $255 million.
Zoetis, the manufacturer and seller of vaccines and medicines for livestock and pets seeks to expand its product portfolio through this acquisition. The company wants to develop formulations for companion animals (pets), and anticipates to manufacturing veterinarian solutions for treating pain, serious diseases such as diabetes and for anesthesia.
It also seek to gain new pain and cancer compounds that can be further developed and brought into market as effective formulations for these conditions.
Zoetis was itself formed as the animal health sector of the largest U.S. pharmacy company Pfizer Inc. Going further, Zoetis is also planning to acquire brands such as PropoFlo which is a general anesthesia and Simbadol which is a pain reliever medicine commonly given post-surgery for cats.
In a press release recently published by Zoetis, it is said that Zoetis has started integrating the animal health assets from Illinois-based pharmaceutical company Abbott. However Zoetis did not state whether that would mean an increase or decrease in its workforce in the Zoetis unit based in Kalamazoo County.
Zoetis has its headquarters in Florham Park, New Jersey but houses a workforce of nearly 1,000 workers
in the Kalamazoo County as well. The company’s unit in Kalamazoo County is the headquarters for
company's research and development activities.
The animal health of Abbott is one of the many important segments of Abbott Laboratories, a pharmaceutical company that is an active participant in the fields of nutritionals, medical devices, and generic pharmaceutical medicines that are marketed them in nearly 20 countries of the globe.