Mars Incorporated has entered into an agreement to acquire the assets of Synlab Vet, a European provider of specialist veterinary laboratory diagnostics.
The closing of the transaction is subject to regulatory clearance, Mars added.
Mars Petcare offers pets and pet owners products and services across veterinary health and diagnostics, nutrition, innovation, and technology.
The acquisition will enable the science and diagnostics division of Mars Petcare to expand its veterinary laboratory business in Europe, it said.
This is in addition to its full-service global veterinary diagnostic offerings across veterinary labs, point-of-care, imaging, and software.
Commenting on the acquisition, Nefertiti Greene, president of Mars Science & Diagnostics, said, "We look forward to welcoming Synlab Vet to the Mars Petcare family of businesses. We share the belief that excellence in veterinary diagnostics and advanced technology is transformative for veterinary care.”
Greene added, "This transaction is complementary to our existing diagnostics business and will bring additional reach across Europe and further our purpose to create a better world for pets."
Lazard served as the financial advisor for Mars, while Freshfields Bruckhaus Deringer acted as Mars’s legal advisor.
In April of this year, Mars, Incorporated entered into an agreement to acquire Heska Corporation, a manufacturer of diagnostic and specialty solutions for veterinary practitioners, in a deal worth approximately $1.3 billion (€1.19 billion).
Earlier this year, Mars Petcare teamed up with the Broad Institute of MIT and Harvard to collect the genomes of 10,000 dogs and 10,000 cats enrolled in the Mars Petcare Biobank in a bid to create one of the largest open access cat and dog genome databases in the world.