Zoetis acquires veterinary diagnostic service provider Phoenix Lab

Zoetis acquires veterinary diagnostic service provider Phoenix Lab

The global veterinary diagnostics market, including point-of-care diagnostics and reference laboratories, is estimated to be worth $4 billion, with a compound annual growth rate of approximately 10% over the past three years. The veterinary diagnostics segment is expected to grow more rapidly than the animal health market. As a result, the industry is increasingly witnessing acquisitions and collaborations. 

A recent instance of this trend was observed when, Zoetis, the largest vaccinations and medicines manufacturer of livestock and pets in the world, reportedly announced the acquisition of Phoenix Central Laboratory for Veterinarians, Inc., (Phoenix Lab), a US-based veterinary diagnostic services firm.

With the integration of reference laboratory service capabilities, Zoetis can now offer more comprehensive diagnostics services and products as an improved value to veterinarians across the U.S.

Point-of-care diagnostic testing and reference laboratories are highly synergistic, providing veterinarians an common source for a whole spectrum of tests, and access to the expertise of Board-certified pathologists and specialists to support test outcomes.

Group President and Executive Vice President, Business Development and Strategy, U.S. Operations at Zoetis, Kristin Peck stated that the addition of Phoenix Lab to Zoetis brings a reference laboratory extremely valued by veterinarians for customer care and quality assurance. 

Peck added that this acquisition strongly complements Zoetis’ diagnostic testing capabilities, including WITNESS®, VetScan®, AlphaTRAK®, and SERELISA® and it would help the company offer its consumers even better solutions across the continuum of care to prevent, detect, predict, and treat diseases in animals.

President and Chief Executive Officer of Phoenix Lab, John Evans stated that the company is extremely proud of its consistent track record in delivering veterinarians’ diagnostic requirements as well as the trusted relationships the company has built with its customers.

Evans further added that going forward the company is thrilled to join forces with Zoetis to provide the company’s customers even more for the health needs of their animals.

Zoetis did not disclose any financial terms about the acquisition of Phoenix Lab.

Earlier in 2018, Zoetis purchased Abaxis and its best-in-class portfolio of the VetScan rapid tests and diagnostic instruments. Through this takeover, the company became a leader in the manufacture, marketing and development of veterinary point of care consumables and diagnostic instruments.
 

Source credit: https://news.zoetis.com/press-release/diagnostics/zoetis-completes-acquisition-phoenix-lab-leading-veterinary-reference-labo