By Millie Turner
Veterinary products firm Dechra has splashed more than £220m on an American medicine manufacturer, a long-term acquisition target for the company.
Californian Med-Pharmex, which has a workforce of some 130, is expected to bolster Dechra’s manufacturing facilities in North America and provide “attractive financial returns”.
The deal will be funded from existing debt resources, London-listed Dechra said in a statement today, having hinted at an upcoming deal in late July.
The US is currently the world’s largest animal health market.
“I am delighted that we have completed the acquisition of Med-Pharmex, a company that I have been in dialogue with for a number of years,” CEO Ian Page said today.
“The US market is highly consolidated, therefore this is a unique opportunity to add several new products to our portfolio.”
Med-Pharmex, generated £36m in revenue last year, mostly from white label products are sold through distributors, some of which Dechra plans to bring in-house and sell through its own sales and marketing channels.
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