Acquiring 92.26 percent of the voting rights, Dechra Pharmaceuticals has taken over formal control of the Croatian drug maker Genera, reports SeeNews.
Following its successful takeover bid, Dechra said that this strategic acquisition offers it entry to the fast growing poultry vaccines market, while also broadening its food-producing animal product business in the European Union.
Genera is the oldest and largest manufacturer of animal health products in Croatia with a strong market share in its local market and neighboring countries. It operates three main divisions: animal health, which represents the majority of its revenue, agrochemicals and human pharmaceuticals. Over the last few years, vaccines have become a key part of Genera's animal health division with the company investing significantly in building its poultry vaccines’ capabilities, including regulatory submissions in the EU and elsewhere. In 2014, the company posted a consolidated net profit of HRK1.5 million (US$213,000) on total revenues of HRK219 million (US$31 million) in 2014.
London-listed Dechra is an international specialist veterinary pharmaceuticals and related products business. According to its web site, it has a presence in 16 countries and representation in more than 50. Key areas of expertise cover endocrinology, dermatology, cardiology, water-soluble powder products and injectable antibiotics, anaesthetics and analgesics, equine medicine and diet and nutrition. Revenues in 2015 amounted to GBP203.5 million (US$287 million).
This week, Genera announced it is delisting from the Zagreb Stock Exchange and will compensate the shareholders who opposed the decision with HRK179.6 (US$25.60) per share. More than 90 percent of company's shareholders are reported to have supported its decision to delist.
