Exclusive Licensing Agreement & Share Acquisition
8 February 2021
Dechra® Pharmaceuticals PLC
(Dechra or the Company)
Exclusive Licensing Agreement with Animal Ethics Pty Ltd and Share Acquisition
The Board of Dechra is pleased to announce that it has secured the rights to market Tri-Solfen® (Tri-Solfen) in Australia and New Zealand and has acquired a further 1.5% of the issued share capital of Medical Ethics Pty Ltd (Medical Ethics) for a total consideration of AUD$ 32.5 million (£18.1 million). This now provides Dechra the rights to sell Tri-Solfen, an important pain management product, in all international markets.
Under the Agreement Dechra will acquire the marketing authorisations and enter a long term licensing Agreement with Animal Ethics Pty Ltd (Animal Ethics). The Agreement provides Dechra with exclusive rights to sell and market Animal Ethic's product, Tri-Solfen, which is already registered for sheep and cattle and is sold in Australia and New Zealand with current annual sales of AUD$ 9.1 million (£5.1 million). Under the terms of the Agreement Dechra has agreed to make an upfront payment of AUD$ 5 million (£2.8 million) on signing, with the balance of the payment on the first commercial sale by Dechra into the Australian market which is expected in July 2021. A royalty will also be paid on all net sales. In addition to cattle and sheep, the product is being developed for other species, with the application for pigs being a primary focus, especially in the EU.
Following the acquisition from the current shareholders of the additional 1.5% of the issued share capital of Medical Ethics Pty Ltd (Medical Ethics), the parent company of Animal Ethics, Dechra will hold 49.5% of the issued share capital of Medical Ethics.
Commenting on the share acquisition, Dechra's Chief Executive Officer, Ian Page said:
"We are delighted to secure this Agreement which now completes Dechra's worldwide rights to sell and market this multi-species pain management product. Tri-Solfen significantly strengthens our FAP portfolio in Australia and New Zealand, will further our geographical expansion strategy and will enhance Dechra's reputation of providing clinically necessary, high quality, ethical veterinary pharmaceuticals".
|
Enquiries: |
|
|
Dechra Pharmaceuticals PLC |
|
|
Ian Page, Chief Executive Officer |
Office: +44 (0) 1606 814 730 |
|
Paul Sandland, Chief Financial Officer e-mail: corporate.enquiries@dechra.com |
|
|
|
|
|
TooleyStreet Communications Ltd |
|
|
Fiona Tooley, Director e-mail: fiona@tooleystreet.com |
Mobile: +44 (0) 7785 703 523 Office: +44 (0) 121 309 0099 |
Note
Translated at AUD$ 1.7956: GBP1.00 (closing rate 5 February 2021)
About Dechra
Dechra is a global specialist veterinary pharmaceuticals and related products business. Our expertise is in the development, manufacture, marketing and sales of high quality products exclusively for veterinarians worldwide. The majority of Dechra's products are focused on key therapeutic categories where we have leading market positions, and many of our products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products.
For more information, please visit: www.dechra.com .
Stock Code: Full Listing (Pharmaceuticals): DPH
About Medical Ethics Pty Ltd
Medical Ethics Pty Ltd is an Australian privately owned research and development company, specialising in the development of pain relief and wound care products for livestock, companion animals and humans.
About Tri-Solfen®
The product improves animal welfare by reducing pain in farm animals during routine treatments such as castration, tail docking, debudding and dehorning, in multiple species. Animal Ethics has successfully developed a topical product that is sprayed on to a wound which simultaneously anaesthetises, relieves pain, controls bleeding and protects against infection.
Trademarks
Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.
Forward Looking Statement
This document may contain certain forward-looking statements. The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involve a degree of uncertainty. Therefore, nothing in this document should be construed as a profit forecast by the Company.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 7 hours ago Luceco
- 7 hours ago Helios Towers
- 7 hours ago Wise Class A
- 8 hours ago EDX Medical Group Plc
- 8 hours ago Naked Wines