Animal Hospital Operator VCA to Buy Abaxis Lab Division for USD 21m.
19 March 2015 - US-based animal healthcare company VCA Inc. (NASDAQ: WOOF) Antech Diagnostics, Inc. laboratory division has agreed to acquire the assets of US-based medical products company Abaxis, Inc.'s (NASDAQ: ABAX) AVRL (Abaxis Veterinary Reference Laboratory) for USD 21m in cash, the companies said on Thursday.
The parties anticipate the transaction will close by the end of March. Abaxis, Inc. estimates that this activity will result in total pre-tax charges of approximately USD 10.0 to USD 12.0m.
This includes cash payments for employee-related costs, including costs for severance, contract termination and other associated costs, and a non-cash charge for the impairment of assets and other assets.
Through the sale of AVRL to Antech Diagnostics, Abaxis said it will be able to increase its focus on its core product offerings and bolster its co-marketing relationship with Antech Diagnostics.
Representatives from Abaxis and Antech Diagnostics will continue to work together, in conjunction with our distribution partners, to market a complete diagnostic solution consisting of Abaxis point-of-care diagnostic products and Antech Diagnostic's reference lab services.
Abaxis develops, manufactures, markets and sells portable blood analysis systems for use in any veterinary or human patient-care setting to provide clinicians with rapid blood constituent measurements.
The system consists of a compact, 5.1 kilogram (11.2 pounds), portable analyzer and a series of single-use plastic discs, called reagent discs, which contain all the chemicals required to perform a panel of up to 13 tests on veterinary patients and 14 tests on human patients.
Antech Diagnostic services more than 16,000 animal hospitals throughout North America through its network of more than 50 reference laboratories in the United States and Canada.
Target: AVRL (Abaxis Veterinary Reference Laboratory)
Buyer: VCA Inc.
Vendor: Abaxis, Inc
Deal size in USD: 21m
Type: Corporate Acquisition
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Mar 19, 2015|
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