Dechra Pharmaceuticals has agreed to buy a majority stake in a listed Croatian business as part of a move to increase its presence in the $1.3bn poultry vaccine market.
The company has signed a conditional share purchase agreement with Marijan Hanžeković to acquire his 63.3 per cent holding in Genera.
It is offering €23.66 per share, which is equivalent to €51.4m for the entire share capital on a cash free debt free basis.
Genera is the oldest and largest manufacturer of animal health products in Croatia. In its financial year ended 31 December 2014, the company reported revenues of €28.4m and EBITDA of €3.1m.
Ian Page, chief executive of Dechra, said: “We have known the company a long time and are keen to work with the experienced Genera team to build the business.
“We believe this opportunity represents an attractive entry strategy to the poultry vaccine market with the potential to explore vaccines for other species in the longer term.”
Subject to clearance by the Croatian takeover authorities, the mandatory offer is expected to be launch
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