Dechra announces it has agreed to acquire Piedmont Animal Health, Inc.
July 20, 2022
Dechra (LSE: DPH) today announces it has agreed to acquire Piedmont Animal Health, Inc ("Piedmont"). Piedmont specializes in developing novel and differentiated products for the companion animal market and has a strong development track record. Piedmont specializes in developing novel and differentiated companion animal products ("CAP") with significant growth potential. Originally founded in 2001 in Greensboro, North Carolina, it has a long and successful track record of product development including major brands launched by multi-national animal health companies. Piedmont employs a development team of 19 people, increasing Dechra's scientific and regulatory capabilities.
Piedmont has eight novel products in various stages of development serving both the cat and dog markets. The products are all within Dechra's key therapeutic areas of competence. The two lead development products are expected to launch in financial years 2024 and 2025 with an expected peak sales potential of at least $40 million, in aggregate. Each of the products in the remainder of the portfolio are significant and are expected (if approved) to be well within Dechra's top twenty products by sales (being greater than $10 million) with one having a significantly higher potential. Strategic rationale for the acquisition of Piedmont:
- Accelerates the provision of innovative solutions to veterinarians and pet owners in areas of unmet or under serviced medical needs;
- Novel pipeline is complementary to Dechra's existing CAP portfolio, providing the opportunity to significantly strengthen Dechra's presence in key therapeutic areas of dermatology, pain management and anti-infectives;
- While initial product registrations will be focused on the key North American and European markets, there is the opportunity over time to register products in international markets; and
- Adds strength and expertise to the Company's existing product development resource.
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