Mars has entered into an agreement to acquire global veterinary diagnostic provider Heska in a deal worth USD $1.3 billion.

The deal will see Mars pay USD $120 per share, which is a premium of approximately 23 per cent over Heska’s closing stock price as of 31 March 2023.

The acquisition will enable the Science and Diagnostics division of Mars Petcare to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostics to the global pet healthcare community.

Nefertiti Greene, President of Science and Diagnostics at Mars Petcare, said they look forward to welcoming Heska to Science and Diagnostics as they share the belief that diagnostic innovation is a critical enabler to providing transformative veterinary care.

“This transaction will bring together highly complementary businesses with a strong strategic and cultural fit that furthers our purpose to create a better world for pets. This comprehensive diagnostic offering will mean broader coverage across diagnostic products, services, and technology, and will accelerate R&D for novel solutions.”

Heska sells, manufactures, markets, and supports diagnostic and speciality solutions for veterinary practitioners.

Kevin Wilson, CEO and President at Heska, said the announcement was a testament to the quality of the Heska family.

“Working together, Heska’s innovations will more quickly reach more veterinarians to help more pet families live better, healthier, longer lives. That’s been our mission for over a decade and today is an incredible milestone towards realizing it.”

The agreement has been unanimously approved by the board of directors of both companies and is expected to be completed in the second half of 2023.

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