Zoetis acquires Phoenix Central Laboratory
Zoetis announced yesterday they completed their acquisition of veterinarian-owned Phoenix Central Laboratory in Mukilteo, WA. Financial terms of the transaction were not disclosed. Zoetis joins major players Idexx and Antech in the veterinary diagnostic lab space and sees the acquisition as an opportunity to increase their capabilities in veterinary point-of-care diagnostics.
Phoenix Lab opened in 1989 to provide lab services to the local veterinary community. Shares of the company were sold only to Washington State licensed veterinarians and lab employees, creating the for-veterinarian-by-veterinarian model. Primarily serving the west coast from Northern California to Alaska, the lab has also been providing diagnostics for veterinary hospitals across the U.S. and Canada. The lab operates with approximately 120 employees. According to an article on VIN.com, it’s expected that employees will remain on staff, at least for the time being.
The sale was likely welcome to shareholders, many of whom saw a substantial return on their original investment. And in a time of consolidation and rapid change for the veterinary profession, the market for veterinary diagnostics has become a competitive one, making it more difficult for small labs to continue doing business.
Read the Zoetis announcement here.
Posted November 1, 2019