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Florham Park-based animal health company Zoetis Inc. announced Tuesday that it has completed the $255 million acquisition of an Illinois company’s animal health assets.Zoetis will expand its companion animal product portfolio through the deal with Abbott Animal Health, including adding solutions for anesthesia and pain management, as well as the treatment of serious illnesses.

The deal was first announced in November.

RELATED: Florham Park company pays $255M for Abbott’s animal health unit

“We believe Zoetis’ scale, industry-leading field force and global presence will rapidly expand the reach and penetration of these newly acquired, leading brands for the veterinary surgical suite,” Kristin Peck, Zoetis Group president, said in a prepared statement. “The acquisition is a prime example of our value creation strategy to deploy capital to acquire products that enhance our portfolio and enable us to deliver more customized solutions to veterinarians.”

Zoetis expects the deal to increase revenue by $75 million in 2015 and create a 3-cent decrease in reported earnings for the year, along with a 1-cent increase in adjusted earnings for 2015.

“Having completed the acquisition of these assets, we expect an accretive benefit to adjusted earnings in 2015 and expect a more significant benefit to be achieved in 2016 as we begin to more fully realize the synergies,” Zoetis Executive Vice President and Chief Financial Officer Paul Herendeen said in a statement.

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