UK-based pharmaceuticals manufacturer, Dechra is poised to acquire Sydney-based Apex in a deal reportedly worth £31.3m.
The buyout includes the purchase of Apex’s manufacturing facility and will provide Dechra with access to the Australian pharmaceuticals market, as well as opportunity to support growth in Asia.
Founded in 1962, Apex is a veterinary pharmaceuticals company which creates and sells products in Australia and New Zealand.
The firm employs 39 staff just outside Sydney and is expected to keep the same management team after the acquisition.
Apex’s reported revenues for the year ending June 30, 2016 were AUS$14.8m (£8.4m), with an operating profit of AUS$5.2m (£3.0m).
Dechra’s chief executive officer, Ian Page commented: “We are delighted to expand our presence in the Australasian market through the acquisition of Apex which has a technically skilled and experienced team.
“Its portfolio offers a range of veterinary licensed products that are complementary to Dechra’s offering, making the business a natural fit within Dechra’s therapeutic portfolio.
“The facility produces a wide range of dosage forms and has capacity for growth. We believe that the combination of Dechra and Apex are well placed for continued growth in the Australasian and Asian veterinary pharmaceutical markets.”
Dechra recently announced a 22% increase in revenues to £247.6m and pre-tax profits of £14.5m.