Animal health giant Zoetis halted for volatility on takeover report

The trading in shares of animal health giant Zoetis was halted shortly after it was approached by Valeant Pharmaceuticals, according to Dow Jones.

Zoetis, which is the product of a 2013 Pfizer spinoff, is the largest seller of medicines and vaccines for livestock. The company provides drugs and services to both companion and farm animals.

It's not clear what Zoetis' reaction was, according to the news service's report, but the stock was up nearly 2 percent in after-hours trading to $56.45 per share. The company's current market capitalization is close to $28 billion. The shares surged 11 percent during regular trading.

For the first quarter, Zoetis reported revenue of $1.1 billion, up 6 percent compared with the same period last year and when excluding foreign exchange rates.

Read More Drugmaker Valeant to buy Salix: Sources

Shares of the Canadian-based Valeant were up in after-hours trading by a half percent to $234.50. The drugmaker has a market capitalization of almost $80 billion. The stock ended the regular session up close to 2 percent.

In April, Valeant announced the completion of the $11 billion acquisition of Salix Pharmaceuticals, which offers gastroenterology treatment. Through the deal for Salix, Valeant acquired a drug used to treat irritable bowel syndrome, which was recently approved by the Food and Drug Administration.

Correction: Viberzi is a drug from Actavis. This was misstated in an earlier version.