Product Acquisition HY-50?

RNS Number : 4336W

Dechra Pharmaceuticals PLC

31 January 2012

 



Issued by Citigate Dewe Rogerson Ltd

Date:  31 January 2012

Dechra^® Pharmaceuticals PLC

("Dechra" or the "Group")

Product Acquisition

Dechra Pharmaceuticals PLC ("Dechra" or "the Group") is pleased to announce the acquisition from Bexinc Limited of the worldwide rights (excluding Canada) to HY-50^® for a cash consideration of 8.03 million Canadian dollars.

HY-50 is used for intra-articular ("IA") or intravenous ("IV") treatment of lameness in horses caused by joint dysfunction.  It is unique in Europe as being the only single injection 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 (announced on 1 December 2010).  Marketing rights for all other territories return to Dechra by July 2013. 

For the year ended 28 February 2011, HY-50 earned revenue of US$2.2 million and operating income of US$1.0 million.  The consideration is being funded from the Group's existing cash resources.

Ian Page, Group Chief Executive commented:

"This product acquisition further strengthens our specialist equine portfolio and will be earnings enhancing in the first full year of ownership."

Enquiries:
Ian Page, Chief Executive
Simon Evans, Group Finance Director	Fiona Tooley, Director
Dechra Pharmaceuticals PLC	Citigate Dewe Rogerson
Telephone: + 44 (0) 1782 771100	Mobile: [phone] or
Mobile: [phone] (IP)	Telephone: [phone]
Mobile: [phone] (SE)

[e-mail]

Ticker: Sector: Full Listing (Pharmaceuticals): DPH

Trademarks appear throughout this release in italics.  Dechra and the Dechra 'D' logo are registered Trademarks of Dechra Pharmaceuticals PLC.

 

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