Pharmaceuticals manufacturer goes down under for £31m acquisition
PHARMACEUTICALS business Dechra is set to acquire an Australian business in a £31.3m (AUD$55m) deal.
Dechra, which has a major site in Shrewsbury, has agreed to buy Sydney-based Apex.
The acquisition includes the purchase of Apex’s manufacturing site, and will give Dechra access to the growing Australian animal market as well as a base to support growth in Asia.
The business, owned by descendant of Apex’s founder Anthony McGloin, is a veterinary pharmaceuticals business which manufactures and sells its products in Australia and New Zealand.
It was founded in 1962 in Somersby, near Sydney, and employs 39 staff. Its management team will be staying with the business.
For the year ended 30 June 2016, its reported revenues were AUS$14.8m (£8.4m) and operating profit was AUS$5.2m (£3.0m).
Dechra’s chief executive officer, Ian Page said: “We are delighted to expand our presence in the Australasian market through the acquisition of Apex which has a technically skilled and experienced team. Its portfolio offers a range of veterinary licensed products that are complementary to Dechra’s offering, making the business a natural fit within Dechra’s therapeutic portfolio.
“The facility produces a wide range of dosage forms and has capacity for growth. We believe that the combination of Dechra and Apex are well placed for continued growth in the Australasian and Asian veterinary pharmaceutical markets.”
Earlier this month Dechra announced a 22% increase in revenues to £247.6m. Pre-tax profits stood at £14.5m.
