Dechra Pharmaceuticals makes £139m swoop for US firm
Dechra Pharmaceuticals PLC, the Cheshire-based manufacturer of veterinary products, has announced its intention to acquire US firm Putney, Inc.
To part fund its swoop for Putney, which develops pet pharmaceuticals from its base in Portland, Maine, Dechra has placed close to 4.4m new shares at 1,100p each to raise around £47.1m.
Upon completion, Dechra will pay $200m (£139m) for Putney.
The acquisition is subject to US regulatory approval and, if greenlit, would potentially double the size of Dechra’s US business, becoming earnings enhancing by 2017.
Commenting on the move, Dechra CEO 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.”
Last October, Dechra revealed that revenues in its North American Pharmaceuticals arm saw year-on-year growth of 86% when considered at a constant exchange rate.
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