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Trading statements

Dechra on track

21 October 2016 07:18

Dechra Pharmaceuticals' performance in the first quarter was in line with management expectations with all of the recent acquisitions performing well, shareholders at the annual general meeting today will be told.

A statement issued ahead of the meeting says:

"Pipeline Delivery: On 9 September 2016 we announced that our generic antibiotic, Amoxiclav, had received approval from the U.S. Food and Drug Administration (FDA).

"This registration is for two of four different dosage strengths of tablets; the remaining two are currently in the final stage of registration with approval expected prior to the end of the 2016 calendar year. Amoxiclav is the most significant product within the recently acquired Putney pipeline and its formal approval is a major achievement by the Group's Development and Regulatory Team.

"Acquisition - A binding offer to acquire the business and assets of Apex Laboratories Pty Ltd for £31.3 million was announced on 16 September 2016. We are now pleased to report that on 14 October 2016 the acquisition was completed.

"Apex provides us with access to the Australian market with a wide range of companion animal products and includes a new manufacturing facility and a development pipeline. We have three products in registration in Australia which will also be sold through this business once approved, thereby maximising the margin potential to the Group."

Chairman of 14 years, Michael Redmond, retires after today's AGM AND Tony Rice will take up the role as non-executive chairman.

Story provided by StockMarketWire.com

Related Company: DPH

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