USA- Mars, Incorporated recently announced that it had finally completed its acquisition of Heska Corporation, an advanced veterinary diagnostic and product company based in Loveland, for US$120 per share.
According to Mars, as of March 31, 2023, the transaction price represented a premium of about 38% over Heska’s 60-calendar day volume weighted average price and a premium of about 23% over Heska’s closing stock price.
According to a press release by Mars, Heska will join Mars’ Petcare division, where it will complement the division’s Science & Diagnostic segment -specifically Mars’ Antech Diagnostics business -in a collective effort to support point-of-care veterinary diagnostics and expand their veterinary diagnostic offerings.
“It’s an honor to welcome Heska to the Science & Diagnostics division of Mars Petcare,” said Nefertiti Greene, president of Mars Science & Diagnostics.
Heska Corp makes diagnostic equipment such as cancer screening tests for animals, selling its products in the United States, Australia, and European countries such as Germany, Italy, Spain, France, and Switzerland.
“Like us, Heska has grown into a purpose-driven business, supporting veterinary professionals globally. I am excited about what we can achieve with a full diagnostics portfolio across reference laboratories, point-of-care, imaging and technology solutions, rapid diagnostics, telemedicine, and software solutions and services. We will continue to drive our R&D efforts to deliver innovative diagnostic solutions to help keep pets healthy, in service of our purpose: A Better World For Pet,” Nefertiti Greene added.
According to Mars, both companies reached a definitive agreement for the acquisition in early April, which was unanimously approved by both companies’ boards of directors.
“Today’s announcement is a great testament to the quality of our Heska family – we are small, but our people and their creativity, execution, expertise, and value-creation have made us exceptional,” said Kevin Wilson, chief executive officer and president of Heska on April 3.
According to the CEO, this finalized partnership will be a chance for Heska to reach even more of its target clients.
“We are thrilled to join Mars Petcare on its quest to build A BETTER WORLD FOR PETS. 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 toward realizing it.”