Zoetis Inc. announced Aug. 1 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 $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 closing conditions, including receiving approval of the acquisition by Abaxis shareholders at an Aug. 1 shareholder meeting, Zoetis said.

The combination enhances Zoetis’ presence in veterinary diagnostics, a category of the animal health industry with approximately 10% compound annual growth over the last three years, according to the announcement.

“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,” Zoetis chief executive officer Juan Ramón Alaix said. “Together, we can bring more veterinarian customers comprehensive solutions to predict, prevent, detect and treat disease in animals.”

With more than 60 years of experience in animal health, Zoetis is a leading animal health company that serves veterinarians, livestock producers and people who raise and care for farm and companion animals. Zoetis discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis has approximately 9,000 employees, sells its products in more than 100 countries and generated annual revenue of $5.3 billion in 2017.