16th Apr 2020 10:59
(Alliance News) - Dechra Pharmaceuticals PLC on Thursday said it has completed the acquisition of the worldwide rights of the Mirataz product portfolio from Kindred Biosciences Inc.
Mirataz is a transdermal medication for the management of weight loss in cats and is approved by the Food & Drug Administration as well as the European Medicines Agency.
The product has recently been approved in the EU for bodyweight gain in cats experiencing poor appetite and weight loss resulting from chronic medical conditions, and is in registration in other territories, Dechra said, adding that is expected to be launched in all European markets in the coming months.
In March, the FTSE 250-listed veterinary pharmaceutical firm announced it would buy the worldwide marketing rights, the rights to the intellectual property, the marketing authorisations and associated regulatory documentation, supply contracts with third parties in relation to the raw material and manufacture of the finished product, and some existing inventory of the product.
Dechra acquired the portfolio for a total of USD43.0 million and a royalty on future sales.
"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," said Chief Executive Ian Page.
Dechra Pharmaceuticals shares were trading 0.1% lower at 2,630.26 pence each.
By Ife Taiwo; [email protected]
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