Dechra Pharmaceuticals PLC is pleased to announce the acquisition from Bexinc Limited of the worldwide rights (excluding Canada) to HY-50 for a cash consideration of £5.1 million (8.03m Canadian dollars).
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 £5.1 million (8.03m 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. Registrations are also 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 in December 2010. Marketing rights for all other territories return to Dechra by July 2013.
For the year ended Feb 28, 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 said: “This product acquisition further strengthens our specialist equine portfolio and will be earnings enhancing in the first full year of ownership.”