|Dechra CEO Ian Page|
U.K.-based veterinary drug maker Dechra Pharmaceuticals is buying a controlling share of Genera for $56.4 million in a move to expand its presence in the growing demand for poultry vaccines.
With the deal, Dechra will get 63.3% of Genera from its president, Marijan Hanžeković. Under Croatian rules that govern takeovers, Dechra must also now make a bid for the remainder of the company, The Telegraph reported. Genera had overall revenues of $31.1 million last year.
"We have known the company for a long time and are keen to work with the experienced Genera team to build the business," Ian Page, CEO of Dechra, told The Telegraph. "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."
It also marks the company's continued push into products for food-production animals, and should give Dechra a firm footing in the growing market of vaccines for poultry estimated in 2013 to be worth a total of $1.3 billion globally as farmers move away from antibiotics to preventative medicines.
Genera's repertoire of products includes vaccines against respiratory diseases in poultry that can be difficult for poultry producers.
- check out the Telegraph story