Dechra Pharmaceuticals to acquire vetinary pharmaceuticals firm
Dechra Pharmaceuticals has agreed to conditionally acquire the entire issued share capital of Eurovet Animal Health, a vetinary pharmaceuticals business.
Dechra Pharmaceuticals has agreed to conditionally acquire the entire issued share capital of Eurovet Animal Health, a vetinary pharmaceuticals business.
The business will be purchased for €135m (around £112.5m) on a debt-free, cash-free basis.
The acquisition will be funded using the proceeds of a fully underwritten rights issue which will raise around £60m (£58.2m net of underwriting commissions). The firm will also make use of a new debt facility.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The rights issue will be made on the basis of the new ordinary shares for every existing 10 ordinary shares at a price of 300p per share, representing a discount of 29.6% to the theoretical ex-rights price of 426.15p.
Dechra's Group Chief Executive, Ian Page said: "This is a great opportunity to build on the strong foundation we have created for our pharmaceuticals business, Dechra Veterinary Products. The combined management teams are very excited by the prospects the enlarged group will create.
"By bringing Eurovet to the group we will strengthen our European presence; will increase our product portfolio; improve our manufacturing capabilities and strengthen our management team. Furthermore, the acquisition accelerates our strategic objectives."
For the year ended December 31st, Eurovet's sales were €76.8m (about £64.0m).
The share price 8.41% to 503.00p.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves ‘looks at minimum UK shareholding' in ISA reform
On top of a rumoured £10,000 cash ISA limit, chancellor Rachel Reeves is reportedly considering adding a minimum UK shareholding requirement to the stocks and shares ISA
-
Rightmove: Asking prices rise by 0.3%, but increase is lower than typical for October
October saw asking prices grow by £1,165 on average, Rightmove says, but the increase is far below the usual autumn bump as the property market braces for next month’s Budget.