Dechra acquires US-based pet pharma firm Putney for $ 200 mn

Dechra Holdings US Inc, a subsidiary of Dechra Pharmaceuticals Plc, on March 15, 2016 signed a definitive agreement to acquire Putney Inc, a rapidly growing pet pharmaceutical company focused on the development and sale of generic prescription medicines for pets, for $ 200 million.
 
Dechra Pharmaceuticals PLC is a UK-based company that develops, manufactures and sells specialty veterinary pharmaceuticals and related products, reported FY2015 revenues of Pound 203.5 million ($ 300 million). Putney's net revenues were $ 49.6 million in 2015. Upon closing of the transaction, which requires approval by US regulators, the combined resources of Putney and Dechra will create a larger US companion animal pharmaceutical company with complementary products marketed through national and regional veterinary distributors as well as direct to veterinary practices across the US. The companies anticipate that the transaction will close in April 2016.
   
Ian Page, CEO of Dechra Pharmaceuticals, said, “In line with our strategy, the acquisition of Putney will significantly strengthen Dechra's position in the US and will provide high quality FDA approved veterinary products and strengthen our pipeline. We are delighted to secure this unique opportunity which adds scale and additional expertise to our North American business.”