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Dechra Holdings Buys Putney

March 22, 2016

Pet pharmaceutical company Putney, which is focused on the development and sale of generic prescription medicines for pets, has sold 100% of the company to Dechra Holdings US, a subsidiary of Dechra Pharmaceuticals for $200 million.

Dechra Pharmaceuticals is a UK-based company that develops, manufactures and sells specialty veterinary pharmaceuticals and related products, reported FY2015 revenues of £203.5million ($300 million). Putney's net revenues were $49.6 million in 2015. Upon closing of the transaction, which requires approval by U.S. regulators, the combined resources of Putney and Dechra will create a larger U.S. companion animal pharmaceutical company with complementary products marketed through national and regional veterinary distributors as well as direct to veterinary practices across the U.S. The companies anticipate that the transaction will close in April 2016.

"I am incredibly proud of the value that the Putney team has built,” said Jean Hoffman, founder, president and chief executive officer, Putney. “The sale underscores the success of Putney's commercialized product portfolio and our robust development pipeline, which we have built from the ground up since I founded the company in 2006. Putney is the leader in pet generic drugs by any measure: revenues, pipeline, FDA approvals and market share. This combination takes advantage of both Putney's and Dechra's complementary scientific knowledge, regulatory expertise and product development and commercialization skills. In addition, the expanded combined product lines enhance the veterinary channel prowess of the combined company.”

Ian Page, chief executive officer, Dechra Pharmaceuticals, says Dechra is eager to seize the growth opportunity that Putney has established. "In line with our strategy, the acquisition of Putney will significantly strengthen Dechra's position in the U.S. and will provide high quality FDA approved veterinary products and strengthen our pipeline. We are delighted to secure this unique opportunity which adds scale and additional expertise to our North American business,” he said.