Animal medicines firm completes £35m product deal

Animal drugs and medicines firm Dechra has completed its acquisition of the worldwide rights of the Mirataz product portfolio from Kindred Biosciences Incorporated for £35m.

The Cheshire firm says the addition of Mirataz “significantly enhances” its portfolio and complements its existing product offering to vets.

Dechra, a listed business, has its manufacturing base in Skipton, North Yorkshire, and its head office in Northwich, Cheshire.

Mirataz is a medication for the management of weight loss in cats, a major problem encountered by vets and owners when treating other underlying medical conditions.

This product was launched in the US in July 2018 by KindredBio and the responsibility for sales in this market will transfer immediately to the Dechra US team.

It has recently been approved in the EU and is expected to be launched in all European markets in the coming months.

Ian Page, Dechra’s chief executive officer, said: “We are delighted to complete the acquisition of the worldwide rights to Mirataz, a product that fits extremely well with our existing specialist portfolio.

“We recognise at this difficult time the importance of a strong balance sheet, however these opportunities are few and far between and it is important that we continue to strengthen the business for the future.”