Cheshire-based pharmaceuticals business Dechra has taken a 33% stake in an Australian company focused on developing ethical pain relief products for animals for £11.1m.
It has also struck a long-term intellectual property licensing agreement with Animal Ethics Pty Ltd, the maker of Tri-Solfen Tri-Solfen for all animal species in all international markets, excluding Australia and New Zealand.
Dechra has agreed to make milestone payments upon the first and second anniversaries of the deal and on the first two major species approvals in markets with significant potential. Additionally, a royalty will be paid on all net sales.
Separately, Northwich-headquartered Dechra has acquired 33% of the issued share capital of Medical Ethics Pty Ltd (Medical Ethics), the parent company of Animal Ethics (which is its only principal subsidiary), for a total consideration of £11.1m.
Dechra chief executive Ian Page said: "Having been in dialogue with animal ethics for a number of years, I am delighted to have secured this long term relationship.
"Once approved for major markets, Tri-Solfen significantly strengthens our FAP portfolio, will further our geographical expansion strategy and will enhance Dechra’s reputation of providing clinically necessary, high quality, ethical veterinary pharmaceuticals.”
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