February 17, 2021

Veterinary medicines maker discloses potential Iran sanctions violations

In a regulatory filing on February 16, 2021, Zoetis Inc., a New Jersey-based company that manufactures and markets animal health medicines and vaccines, disclosed that following its August 2019 acquisition of Platinum Performance, the company discovered that Platinum had engaged in transactions involving the sale of food, medicines or devices to persons in or with ties to Iran.  Although Zoetis does supply products to Iran in accordance with a general license issued by the Office of Foreign Assets Control of the US Department of the Treasury, the Platinum Performance transactions were not conducted pursuant to a general license, and, according to Zoetis, may have violated the Iranian Transactions and Sanctions Regulations.  The company indicated that it had made an initial disclosure to OFAC in February 2020, followed by a final voluntary disclosure to both OFAC and the US Department of Justice in December 2020 after the conclusion of Zoetis’ internal investigation.

Form 10-K