Dechra Pharmaceuticals, a UK veterinary company, announced the acquisition of two European pharmaceutical business as well as a share placing to part-fund the purchases.
Dechra is to buy Dutch animal pharmaceuticals firm AST Farma and European animal-focused company Le Vet, for a combined price of EUR340.0 million. The total consideration will be paid 75% in cash and 25% in new Dechra shares.
The two firms have worked together, Dechra said, to develop a strong product portfolio and a network of marketing partners across Europe. Together, they hold around 90 product registrations.
“The acquisition is a rare opportunity to strengthen our EU segment in all the major European countries in which we operate. AST Farma and Le Vet have been a primary target for a number of years so we are delighted to have reached this agreement,” commented Ian Page, Dechra’s CEO.