Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisitions and Divestitures

5. Acquisitions and Divestitures

A. Acquisitions

In the third quarter of 2021, we entered into an agreement to acquire Jurox, a privately held animal health company based in Australia, which develops, manufactures and markets a wide range of veterinary medicines for treating companion animals and livestock. The transaction is subject to customary closing conditions and the satisfaction of regulatory requirements. We expect to complete the acquisition in the first half of 2022.

In the second quarter of 2021, we acquired certain assets to expand our portfolio of equine care products. This transaction did not have a significant impact on our consolidated financial statements.

During 2020, we completed the acquisitions of Fish Vet Group, a diagnostics company for aquaculture, Virtual Recall, a veterinary engagement software company, Performance Livestock Analytics, a cloud-based technology company in the precision livestock business, and Ethos Diagnostic Science, a veterinary reference laboratory business with labs across the U.S. We also entered into an option purchase agreement as part of a research and development arrangement with a Belgian company, a variable interest entity of which Zoetis is the primary beneficiary and now consolidating within our results. These transactions did not have a significant impact on our consolidated financial statements.

B. Divestitures

During the nine months ended September 30, 2020, we received a cash payment of $20 million pursuant to an agreement related to the 2016 sale of certain U.S. manufacturing sites.