Mars Inc. plans to acquire Heska Corp., a provider of advanced veterinary diagnostic and specialty products, for $120 per share.
Upon transaction close, Heska (NASDAQ: HSKA) will join Mars Petcare. Financial terms of the deal were not disclosed.
The deal “will enable the Science & Diagnostics division of Mars Petcare to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostics to the global pet healthcare community,” according to a press release.
“This comprehensive diagnostic offering will mean broader coverage across diagnostic products, services, and technology, and will accelerate R&D for novel solutions,” said Nefertiti Greene, President, Mars Petcare, science and diagnostics.
“Working together, Heska’s innovations will more quickly reach more veterinarians to help more pet families live better, healthier, longer lives,” said Kevin Wilson, CEO and president, Heska. “That’s been our mission for over a decade and today is an incredible milestone towards realizing it.”
Mars Petcare’s Science & Diagnostics includes Antech Diagnostics, a veterinary diagnostics provider. Antech’s range of businesses includes reference laboratories, veterinary imaging and education and telemedicine through Antech Imaging Services.
Founded in 1988, Heska sells, manufactures, markets and supports diagnostic and specialty solutions for veterinary practitioners.
The agreement has been unanimously approved by the boards of directors of both companies. The transaction includes customary closing conditions, including Heska shareholders’ and regulatory approvals, and is anticipated to close in the second half of 2023.