Pet pharmaceuticals firm acquires US company for £139m

INTERNATIONAL veterinary products company Dechra Pharmaceuticals has swooped for the entire share capital of US-based Putney, a leading developer of pet remedies in a £138m deal.

In addition to the purchase of the Portland, Maine-headquartered company, Dechra has placed 4,398,600 new ordinary shares at 1100p a share to raise some £48.4m, to part fund the acquisition.

The deals involves the payment of $200m (£139m) in cash on completion.

Northwich, Cheshire-based Dechra says the acquisition accelerates its North American strategy, potentially doubling its US business and adds critical mass to the company in the world’s largest pet market.

It also provides access to a high quality product range and complementary therapeutic focus areas and strengthens the group’s pipeline for the US as well as building on Putney’s regulatory expertise and commercial team.

Dechra chief executive Ian Page said: “In line with our strategy, the acquisition of Putney will significantly strengthen Dechra’s position in the US, provide high quality FDA approved veterinary products and broaden our pipeline.
 
“We are delighted to secure this unique opportunity which adds scale and additional expertise to our North American business.”