Credit Suisse Upgrades Abaxis Inc. (ABAX) to Neutral Following Acquisition
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May 17, 2018 1:06 PM EDT
BMO Capital raised its price target on Zoetis Inc. (NYSE: ZTS) to $82.00 (from $80.00) while maintaining a Market Perform rating.
Analyst Alex Arfaei commented, "We have updated our model to include Abaxis acquisition. Overall, we see a strong strategic rationale for the... More
May 16, 2018 7:01 AM EDT
Zoetis Inc. (NYSE: ZTS) and Abaxis, Inc. (NASDAQ: ABAX) today announced 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 years1.
Abaxis, founded in 1989 and headquartered in Union City, Calif., is a... More
