Valeant Makes Takeover Approach to Zoetis
Animal-health giant had market value of $25 billion Thursday afternoon
Valeant Pharmaceuticals International Inc. has made a preliminary approach to buy animal-health giant Zoetis Inc., people familiar with the matter said, in a move that could presage a big deal in yet another corner of the health-care industry.
Zoetis, which was spun off from Pfizer Inc. in 2013, is the largest seller of vaccines and medicines for livestock and household pets and had a market capitalization of nearly $25 billion on Thursday afternoon.
It isn’t clear what the company’s reaction to the approach was, if any, or whether it is open to a sale.
Zoetis shares, which were already trading at all-time highs, surged 11% to $55.37 before triggering a single-stock circuit breaker shortly before markets closed.
(More to come.)