Dechra acquires DermaPet in a $64 million bid for veterinary company

London

-- In a bid to boost its presence in the veterinary market in the United States, Dechra Pharmaceuticals reports it acquired DermaPet.

The deal was valued at up to $64 million, according to a statement issued by Dechra.

"Dermatological problems are the most frequently diagnosed and treated conditions in companion animals by veterinarians. The range of innovative products, which have five granted patents and one pending, increases Dechra’s U.S. presence and complements its EU range in this key strategic therapeutic category."

DermaPet was founded by veterinarian Steve Melman in 1991. In the last full financial year ended 31 December 2009, DermaPet achieved revenue of $10.7 million and pre-tax income of $4.0 million, Dechra says.

Dechra's Chief Executive Ian Page says the acquisition is a "perfect fit with our existing dermatological range and accelerates Dechra's strategic objective of becoming a leading supplier of specialist veterinary exclusive products in this key market."