Dechra to acquire Putney, maker of generic veterinary drugs, for $200 million

Dechra Pharmaceuticals has announced its acquisition of 100 percent of Putney Inc., a leading developer of generic veterinary pharmaceuticals based in Portland, Maine, for $200 million cash subject to federal approval.

The acquisition provides Dechra access to Putney's existing product portfolio and development pipeline, both of which are high-quality and in complementary therapeutic focus areas, while adding critical mass to Dechra's existing U.S. operations and infrastructure, according to a Dechra release.

Putney employs approximately 60 people and markets 11 veterinary drugs approved by the U.S. Food and Drug Administration (FDA), including pain-management, anti-infective and dermatology products. Revenues in 2015 were $49.6 million, according to a release from the company. In addition, Putney has a pipeline of 10 additional products, five of which are already filed with the FDA and expected to launch in coming years. Putney's products have been marketed through national and regional distributors and direct to veterinary practices.

Dechra Veterinary Products, located in Overland Park, Kansas, is the U.S. commercial division of Dechra Pharmaceuticals PLC, a U.K.-based company dedicated to the animal health market. Revenues in 2015 were $300 million.

The companies anticipate that the sale will close in April.