Dechra takes on HY-50 rights
Veterinary product supplier Dechra Pharmaceuticals has bought the rights to an intravenous horse injection for more than £5m.
The Stoke-on-Trent-based company bought the worldwide rights (excluding Canada) for the product from Bexinc for £5.27m (CAD$8.03m).
HY-50 is used for intra-articular or intravenous treatment of lameness in horses caused by joint dysfunction. It is thought to be the only single injection available in Europe to deliver 50mg of sodium hyaluronate and having both IA and IV indications.
It is currently approved and marketed by various companies in the UK, Belgium, Netherlands, Sweden, Finland, Denmark, Norway, Italy, Germany and Spain. Furthermore, registrations are being prepared for France and Switzerland.
Dechra already markets the product in the UK as the marketing rights were acquired as part of the Genitrix acquisition (which was announced on 1 December 2010). Marketing rights for all other territories return to Dechra by July 2013.
Ian Page, group chief executive, said: "This product acquisition further strengthens our specialist equine portfolio and will be earnings enhancing in the first full year of ownership."
For the year ended 28 February 2011, HY-50 earned revenue of US$2.2m (£1.39m) and operating income of US$1m (£635,660). The acquisition is being funded from the group's existing cash resources.
