Dechra Pharmaceuticals PLC reported today that it has acquired Genitrix Ltd., a U.K.-based veterinary pharmaceuticals company, for about $8.4 million. An additional $1.2 million will be payable upon achievement of specific milestones, according to Dechra Pharmaceuticals, also based in the United Kingdom.
Dechra's acquisition is consistent with the company’s strategy to grow its international veterinary pharmaceutical business, said Dechra Pharmaceuticals, which has a U.S. division, Dechra Veterinary Products, in Overland Park, Kan.
“Genitrix range of equine and companion animal products enhances and complements our U.K. product portfolio,” said Ian Page, chief executive of Dechra Pharmaceuticals. “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.”
Genitrix had revenue of about $3.7 million in the year ended March 31, 2010, according to Dechra Pharmaceuticals.