Dechra expands with further acquisition
STAFFORDSHIRE based Dechra Pharmaceuticals has expanded its business for the second time in as many months with the £5.4m acquisition of a veterinary pharmaceuticals company in West Sussex.
The acquisition of Genitrix Ltd follows on from the £40m purchase of Florida-based DermaPet in October.
Dechra announced today that it had purchased the entire issued share capital of Genitrix from its owner managers for an initial £5.4m. A further £0.8m is payable once the company achieves specific milestones. The purchase is being funded from Dechra’s existing cash resources.
Dechra said the acquisition was of the Billingshurst business was consistent with its strategy of growing its international veterinary pharmaceutical business and it said the company was likely to enhance earnings in the first full year after completion.
In the year ended March 31, 2010, Genitrix achieved revenues of £2.4m.
Ian Page, Dechra chief executive, said: “Genitrix range of equine and companion animal products enhances and complements our UK product portfolio.
“Furthermore the recently approved canine epilepsy product, Libromide®, provides future growth opportunities through potential mutual recognition in Europe. The acquisition is expected to be earnings enhancing in the first full year following ownership.”
For latest Dechra share price click here
