Dechra Pharmaceuticals buys worldwide rights to Osurnia product portfolio
Veterinary drugs business Dechra Pharmaceuticals has acquired the worldwide rights to Osurnia's product portfolio from Elanco Animal Health for $135m, financed from existing cash and borrowing facilities.
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Dechra said on Monday that the addition of Osurnia, a long-acting treatment for otitis externa, to its dermatology portfolio would "significantly enhance" its presence in the key therapeutic area and complete its otitis externa service offering to veterinarians.
Completion was expected to take place before the end of June 2020, following the satisfaction of a number of conditions. The, FTSE 250 firm also said the acquisition was expected to be earnings enhancing for the year ending 30 June 2021, assuming completion does take place as planned.
Chief executive Ian Page said: "The addition of Osurnia will allow us to offer an extended range of solutions for veterinarians to manage otitis externa and offer the best treatment for the pet taking into consideration the veterinarians clinical preference and the owners lifestyle."
As of 0825 GMT, Dechra shares had dipped 0.23% to 2,933.18p.