Dechra confirms acquisition of Genitrix

Dechra has announced the takeover of British veterinary pharmaceuticals firm Genitrix in a deal worth 5.4 million pounds.

The transaction represents the second acquisition in as many months for Dechra, as it also purchased the Florida-based business DermaPet for 40 million pounds in October.

Under the terms of the deal, the company will pay an initial 5.4 million pounds for Genitrix and a further 800,000 pounds on the completion of specific milestones.

Dechra chief executive Ian Page said the West Sussex-based firm's range of equine and companion animal products is set to boost his company's product portfolio in the UK.

"The recently approved canine epilepsy product, Libromide, provides future growth opportunities through potential mutual recognition in Europe," he added.

Genitrix posted revenues of 2.4 million pounds for the year ended March 31st 2010.

The firm introduced Libromide, the first licensed formulation of potassium bromide for the treatment of canine epilepsy, to the UK market in March.