LONDON, September 16, 2016 /PRNewswire/ --
Dechra Pharmaceuticals PLC (Stock Code: Full Listing
(Pharmaceuticals): DPH) is pleased to announce that it has agreed
terms to acquire the business and assets of Apex Laboratories Pty
Ltd ('Apex'), a privately owned veterinary pharmaceutical company
which manufactures, markets and sells branded non-proprietary
prescription and other related companion animal products in
Australia and New Zealand (the 'Acquisition'). The
Acquisition includes the purchase of Apex's manufacturing site.
Apex is ultimately controlled by Mr Anthony
McGloin who is a descendant of the founder of Apex.
The Acquisition will provide Dechra with direct access to the
established and growing Australian companion animal product market
which has c.4.2 million dogs and c. 3.3 million
cats*, a market in which Dechra currently operates through
partners. It will also offer a base from which to support and build
Dechra's expansion in the Australasian and Asian regions.
Apex, which was established in 1962, is based in Somersby near
Sydney, Australia, and employs 39
staff. For the year ended 30 June
2016, its reported revenues were AUS$14.8 million (£8.4
million) and operating profit was AUS$5.2 million (£3.0 million).
Dechra is acquiring gross assets with a carrying value of AUS$14.8
(£8.4 million) million at 30 June
2016.
Apex is currently managed by an experienced and technically
skilled management team, who will be staying post completion to
continue to run and manage the business.
The total consideration for the Acquisition, which is expected
is to complete on 14 October 2016, is
AUS$55.0 million (£31.3 million). This will be funded from the
Group's own cash and debt resources. The acquisition is expected to
be earnings enhancing in the first 12 months.
Commenting on the acquisition, Dechra's Chief Executive Officer,
Ian Page said:
"We are delighted to expand our
presence in the Australasian market through
the acquisition of Apex which has a
technically skilled and experienced team.
Its portfolio offers a range of veterinary licensed
products that are complementary to
Dechra's offering, making the
business a natural fit within
Dechra's therapeutic
portfolio. The facility produces
a wide range of dosage forms and has capacity for
growth. We believe that the combination of
Dechra and Apex are well placed for
continued growth in the Australasian and Asian
veterinary pharmaceutical
markets."
*Source: Australian Veterinary
Association
About Dechra
For more information, please visit: http://www.dechra.com.
Email: corporate.enquiries@dechra.com