January 25, 2018 / 7:06 AM / in 9 months

BRIEF-Dechra Pharmaceuticals to acquire Ast Farma and Le Vet

Jan 25 (Reuters) - Dechra Pharmaceuticals Plc:

* ‍BOARD OF DECHRA, INTERNATIONAL VETERINARY PHARMACEUTICAL BUSINESS, IS PLEASED TO ANNOUNCE THAT IT HAS ENTERED INTO A CONDITIONAL ACQUISITION AGREEMENT TO ACQUIRE AST FARMA AND LE VET FOR A TOTAL CONSIDERATION OF EUR 340.0 MILLION ON A DEBT-FREE AND CASH-FREE BASIS​

* ‍TOTAL CONSIDERATION WILL BE SATISFIED APPROXIMATELY 75 PERCENT IN CASH AND 25 PERCENT IN NEW DECHRA SHARES, WHICH ARE SUBJECT TO A TWO YEAR LOCK-IN​

* ‍ACQUISITION STRENGTHENS DECHRA’S PORTFOLIO IN NETHERLANDS AND ACROSS EUROPE​

* ACQUISITION GIVES ACCESS TO A ROBUST PIPELINE OF PRODUCTS​

* ACQUISITION GIVES ‍SYNERGY BENEFITS PARTICULARLY IN FORM OF REVENUE SYNERGIES​

* ‍CHIEF EXECUTIVE SAYS “ACQUISITION IS A RARE OPPORTUNITY TO STRENGTHEN OUR EU SEGMENT IN ALL MAJOR EUROPEAN COUNTRIES IN WHICH WE OPERATE”.​

* ‍NET PROCEEDS OF PLACING WILL BE USED TO FUND ACQUISITION IN PART. REMAINING ACQUISITION CONSIDERATION IS BEING FUNDED THROUGH ISSUE OF 3,670,625 NEW ORDINARY SHARES TO SELLERS AND DRAWDOWN UNDER A NEW BANKING FACILITY​ Source text for Eikon: Further company coverage: (Reporting by Emma Rumney)

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