Zoetis on Monday said it has entered into an agreement to purchase animal health assets of Abbott for $255 million.

Abbott Animal Health is a companion animal health business focused on the veterinary surgical suite. This acquisition will strengthen Zoetis' companion animal product portfolio and expand its diagnostics business as more pets are being treated for pain and serious illnesses, such as cancer and diabetes, the company said.

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$255 million deal expands Zoetis companion animal product portfolio to bring veterinarians solutions for pain, diabetes and oncology

Headquartered in Abbott Park, Ill., Abbott Animal Health has a presence in nearly 20 countries and holds a market-leading position with products in anesthesia, fluid therapy, pain, oncology and diabetes monitoring.

"The transaction is aligned with our value creation strategy to deploy capital to acquire products that enhance our portfolio," said Zoetis CEO Juan Ramón Alaix. This acquisition strengthens our pain portfolio and our diagnostics business so we can deliver more customized solutions to veterinarians."

Going forward, Zoetis remains committed to its strategy of acquiring complementary businesses and products that can generate sustained value to shareholders. Zoetis has the skill and experience to integrate new businesses, having led successful integrations such as Alpharma Animal Health over the last several years. Through all of its acquisitions, Zoetis has maintained its commitment to customers and uninterrupted service.

No other terms of the transaction are being disclosed. The transaction is expected to close in the first quarter of 2015, pending the successful completion of customary regulatory and legal reviews.

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With this acquisition, Zoetis adds brands such as PropoFlo, a versatile product for general anesthesia; Simbadol, a feline pain reliever that reduces the need for overnight dosing after feline surgery; and AlphaTRAK, a glucose monitoring system used by pet owners from the comfort of their home.

The acquisition also brings novel cancer and pain compounds to the Zoetis pipeline for further development.