Mars to acquire veterinary diagnostics firm Heska for $120 per share

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Mars is acquiring Heska, a global provider of advanced veterinary diagnostic and specialty products, for $120 per share, the firms announced on Monday.

The transaction price represents a premium of approximately 23% over Heska's closing stock price on March 31, and the deal has been approved by the boards of directors of both companies.

Upon transaction close, Heska will join Mars Petcare, a global business serving pets and pet owners through products and services within veterinary health and diagnostics, nutrition, innovation, and technology, the firms said. The acquisition will enable the Science & Diagnostics division of Mars Petcare to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostic tests to the global pet healthcare community.

For the transaction, which is expected to close in the second half of this year, Lazard served as the financial advisor for Mars, and Skadden, Arps, Slate, Meagher & Flom acted as Mars' legal advisor. BofA Securities and Piper Sandler served as Heska's financial advisors, and Gibson, Dunn & Crutcher acted as Heska's legal advisor.

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