Increased Investment in Medical Ethics
5, July 2019
Dechra® Pharmaceuticals PLC
(Dechra or the Company)
Increased investment in Medical Ethics Pty Ltd
The Board of Dechra is pleased to announce that the Company has acquired a further 15.0% of the issued share capital of Medical Ethics Pty Ltd (Medical Ethics), the parent company of Animal Ethics, for a total consideration of c.AUD$13.5 million (£8.0 million) from the current shareholders. Following this acquisition, Dechra will hold 48.0% of the issued share capital of Medical Ethics.
Since Dechra's initial investment was made, Medical Ethics has, through its subsidiary Animal Ethics, progressed the registration process for Tri-Solfen®, a pain relief product for use in farm animals. Once approved for major markets, Tri-Solfen® should significantly strengthen our FAP portfolio, further our geographical expansion strategy and enhance Dechra's reputation of providing clinically necessary, high quality, ethical veterinary pharmaceuticals.
Following recent trials in South East Asia, Tri-Solfen® has also been found to be a highly effective therapy for the recovery of cattle suffering from Foot and Mouth Disease (FMD) resulting in improved body weight and production in affected cattle.
Phase two clinical trials for the application of venous leg ulcers in humans are also progressing well.
The Board believes that the value of the initial investment of AUD$ 18.0 million (£11.1 million) in March 2017 to acquire 33% of the issued share capital of the company has increased significantly.
Commenting on the share acquisition, Dechra's Chief Executive Officer, Ian Page said:
"We are delighted to have increased our shareholding in Medical Ethics, this investment will allow the founding shareholders to continue to commit themselves to the business throughout the next few years during its important development of both human and veterinary medicines".
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Enquiries: |
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Dechra Pharmaceuticals PLC |
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Ian Page, Chief Executive Officer |
Office: +44 (0) 1606 814 730 |
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Paul Sandland, Acting Chief Financial Officer e-mail: corporate.enquiries@dechra.com |
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TooleyStreet Communications Ltd |
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Fiona Tooley, Director e-mail: fiona@tooleystreet.com |
Mobile: +44 (0) 7785 703 523 Office: +44 (0) 121 309 0099
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About Dechra
Dechra is an international specialist veterinary pharmaceuticals and related products business. Our expertise is in the development, manufacture, and sales and marketing 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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