Dechra Veterinary Products, the U.S. sales and marketing division of U.K.-based Dechra Pharmaceuticals PLC, reported today that it has acquired Dermapet in a deal that could reach $64 million.
The acquired dermatology products increases Dechra’s U.S. presence and complements its European Union range in this “key strategic therapeutic category,” according to the company.
“We are excited to have acquired Dermapet and are extremely motivated to further strengthen our relationships with veterinary dermatologists, corporate hospitals, general practitioners and our distribution partners,” said Mike Eldred, president of U.S. Operations, Dechra Veterinary Products. “Dermapet’s high quality all-natural dermatological product line is a perfect fit with our regulated dermatology products; Animax, Muricin and Vetromax. With additional investment in product development and marketing initiatives, I am confident Dechra will soon be recognized as a leader in the worldwide veterinary dermatology market segment.”
Dermapet’s revenue was $6.9 million for the six months ended June 30, according to Dechra. In the last full financial year ended Dec. 31, 2009, Dermapet posted revenue of $10.7 million.
“This acquisition is expected to be materially earning enhancing in its first full year of ownership,” said Ian Page, chief executive of Dechra Pharmaceuticals. “It also further strengthens our position as a leader in the worldwide veterinary dermatological market whilst significantly increasing our presence and scale of operation in the United States.”
Dechra Veterinary Products is based in Overland Park, Kan.