Dechra Pharmaceuticals PLC Increased Investment in Medical Ethics (6242E)
July 05 2019 - 2:38AM
UK Regulatory
TIDMDPH
RNS Number : 6242E
Dechra Pharmaceuticals PLC
05 July 2019
5, July 2019
Dechra(R) 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$13.5 million (GBP8.0
million) from the current shareholders. Following this acquisition,
Dechra will hold 48.0% of the issued share capital of Medical
Ethics.
Since Dechra's initial investment was made, Medical Ethics has,
through its subsidiary Animal Ethics, progressed the registration
process for Tri-Solfen(R), a pain relief product for use in farm
animals. Once approved for major markets, Tri-Solfen(R) should
significantly strengthen our FAP portfolio, further our
geographical expansion strategy and enhance Dechra's reputation of
providing clinically necessary, high quality, ethical veterinary
pharmaceuticals.
Following recent trials in South East Asia, Tri-Solfen(R) has
also been found to be a highly effective therapy for the recovery
of cattle suffering from Foot and Mouth Disease (FMD) resulting in
improved body weight and production in affected cattle.
Phase two clinical trials for the application of venous leg
ulcers in humans are also progressing well.
The Board believes that the value of the initial investment of
AUD$ 18.0 million (GBP11.1 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".
Enquiries:
Dechra Pharmaceuticals PLC
Ian Page, Chief Executive Officer Office: +44 (0) 1606 814
730
Paul Sandland, Acting Chief Financial
Officer
e-mail: corporate.enquiries@dechra.com
TooleyStreet Communications Ltd
Fiona Tooley, Director Mobile: +44 (0) 7785 703
e-mail: fiona@tooleystreet.com 523
Office: +44 (0) 121 309 0099
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(R)
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.
END
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