British pharmaceutical company Dechra Pharmaceuticals has acquired US veterinary company DermaPet in a deal worth US$64 million.
Dechra, a manufacturer of veterinary products, is looking to expand its operations in the US by buying DermaPet. The Florida-based company develops shampoos, conditioners and ear products for the US and overseas companion animal markets.
In the detailed proposal the British company has paid US$42 million for the completion of the deal, with US$1 million due on the second and fourth anniversaries of the completion date. In addition to this, Dechra will pay US$15 million to DermaPet if the US company achieves revenues in excess of US$15 million in any 12-month period between the second and sixth anniversaries of the deal.
Dechra currently has two divisions. Dales Pharmaceuticals, which specialises in manufacturing, assembling and importing medical products such as vaccines for human and veterinary use, and a services sector, the National Veterinary Services, which supplies and distributes products to veterinary practices.
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