Dechra Pharmaceuticals Plc to acquire UK's veterinary pharmaceutical company Genitrix Ltd

Dechra Pharmaceuticals Plc reported it has acquired the entire issued share capital of Genitrix Limited from its owner managers for an initial cash consideration of 5.4 million pounds.  A further 0.8 million pounds is payable upon achievement of specific milestones.  The consideration is being funded from Dechra’s existing cash resources.

The acquisition of Genitrix, a veterinary pharmaceuticals company based in Billingshurst, UK, is consistent with Dechra’s strategy to grow its international veterinary pharmaceutical business.  In the year ended 31st March 2010, Genitrix achieved revenues of 2.4 million pounds.

Ian Page, Chief Executive of Dechra, commented that Genitrix range of equine and companion animal products enhances and complements Dechra 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, said Page.

Dechra’s takeover of British veterinary pharmaceuticals firm Genitrix in represents the second acquisition in as many months for Dechra, as it also purchased the Florida-based business DermaPet for 40 million pounds in October. Based in West Sussex, Page reiterated his belief that the firm's range of equine and companion animal products is set to boost his company's product portfolio in the UK.

The firm introduced Libromide, the first licensed formulation of potassium bromide for the treatment of canine epilepsy, to the UK market in March.  Dechra is an international pharmaceutical business focused on the veterinary market, with its key area of specialization being the development and marketing of companion animal products. Dechra operates under two divisions, Pharmaceuticals and Services.

Genitrix began trading in early 1998 and has grown every year since then to become one of the UK's most respected veterinary products companies. The firm aims to work in close partnership with the veterinary sector to promote ever higher standards of animal health and welfare.

Genitrix products include innovative, often ground- breaking therapies to advance veterinary care for companion animals such as dogs and cats, as well as for exotic pets including rabbits, guinea pigs, small rodents, ornamental birds and reptiles. It also offers a range equine therapies and its involvement in the equine sector is growing strongly.

Genitrix is one of the UK's fastest growing veterinary pharmaceutical companies. The firm’s portfolio of products is constantly increasing as it seeks out and develops novel solutions to well recognized veterinary problems.

5 Dec 2010.