Dechra swoops for Genitrix
Dechra Pharmaceuticals, based in Stoke-on-Trent, has made its second acquisition in as many months after purchasing rival brand Genitrix. Billinghurst-based Genitrix was bought for £5.4m as the veterinary pharmaceutical company continues its acquisition trail.
A further £800,000 is payable “upon achievement of specific milestones”, said the company. The consideration is being funded from Dechra's existing cash resources.
Dechra said that the acquisition of Genitrix, was “consistent with our strategy to grow our international veterinary pharmaceutical business”.
In the year ended 31 March 2010, Genitrix achieved revenues of £2.4m.
Last month, the company announced its intention to acquire US-based DermaPet for $64m.
Ian Page, chief executive of Dechra, said: "Genitrix range of equine and companion animal products enhances and complements our 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."
