Dechra has agreed terms to acquire the business and assets of Apex Laboratories Pty, a privately owned veterinary pharmaceutical company which manufactures, markets and sells branded non-proprietary prescription and other related companion animal products in Australia and New Zealand.
The acquisition includes the purchase of Apex's manufacturing site. Apex is ultimately controlled by Anthony McGloin who is a descendant of the founder of Apex.
Dechra says the acquisition will provide it with direct access to the established and growing Australian companion animal product market which has c.4.2 million dogs and c.3.3 million cats, a market in which Dechra currently operates through partners.
It will also offer a base from which to support and build Dechra's expansion in the Australasian and Asian regions.
Apex, which was established in 1962, is based in Somersby near Sydney, Australia, and employs 39 staff.
For the year ended 30 June 2016, its reported revenues were A$14.8 million and operating profit was A$5.2 million. Dechra is acquiring gross assets with a carrying value of A$14.8 million at 30 June 2016.