15th Mar 2016 07:56
LONDON (Alliance News) - Veterinary pharmaceuticals company Dechra Pharmaceuticals PLC on Tuesday said it has acquired Portland, Maine-based generic animal drugs developer Putney Inc for USD200.0 million in total.
Dechra will pay USD200.0 million in cash to acquire Putney, which will be backed by an extension to its existing credit facility and by the group raising GBP47.1 million via a share placing. Dechra has issued 4.4 million shares at 1,100 pence per share to raise the funds. Shares in Dechra closed at 1,163.00p on Monday.
Dechra said the deal will accelerate its strategy in the US, potentially doubling the size of its US unit. It will add further products to its veterinary pharmaceuticals range in the US and strengthen its pipeline for the US market.
"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," said Dechra Chief Executive Ian Page.
By Sam Unsted; [email protected]; @SamUAtAlliance
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