04.08.2015

Dechra Pharmaceuticals announce the signing of a conditional share purchase agreement with Mr. Marijan Hanžeković to acquire his 63.3% holding in Genera d.d., a Croatian pharmaceutical business. Dechra is offering €23.66 (HRK179.60) per share, which is equivalent to €51.4 million for the entire share capital on a cash free debt free basis. 
Genera is the oldest and largest manufacturer of animal health products in the Republic of Croatia with a strong market share in its local market and neighbouring countries. It operates three main divisions: Animal Health, which represents the majority of revenue, Agrochemicals and Human Pharmaceuticals. Over the last few years, vaccines have become a key part of the Animal Health Division. Genera has invested significantly in building its poultry vaccines capabilities, including regulatory submissions in the EU and elsewhere. 
The market for poultry vaccines was $1.3 billion in 2013, representing 22% of the vaccine market, and is projected to grow at a CAGR of 7.8% until 2020.
There are high barriers to entry to the vaccine market as the development and production processes are highly technical and specialised. 
The acquisition of this shareholding in Genera represents a unique opportunity for Dechra to enter the vaccine market and expand our Food producing Animal Product (FAP) portfolio. 
Dechra was founded in 1997 and is an international specialist veterinary pharmaceuticals and related products business.