Zoetis Inc. said its previously announced acquisition of Abaxis Inc. received antitrust clearance under the Hart-Scott-Rodino Act.

The transaction is subject to other customary closing conditions, including approval from Abaxis shareholders, who will vote on the deal at a July 31 special meeting.

The Parsippany, N.J.-based animal health company said it expects to close the deal shortly after the Abaxis meeting. Zoetis added that it plans to pay for the acquisition through existing cash and new debt.

Union City, Calif.-based Abaxis makes and sells portable blood analysis systems for use in human or veterinary patient care.