Dechra Pharmaceuticals to acquire Invetx

UK-based provider of veterinary pharmaceuticals Dechra has announced its plans to acquire Invetx, a Boston, MA-based company which specialises in protein-based therapeutics for animal health, for up to $520m (£402.76m).

According to Invetx, the acquisition remains subject to antitrust approval and other customary closing conditions.

In addition to the Invetx pipeline, Dechra will gain access to the company’s species-specific, half-life extension platform, which extends duration of drug activity and enables longer intervals between treatment, offering greater convenience and improved compliance for veterinarians, owners and their pets.

As a start-up company, Invetx was initially incubated by Anterra Capital, a Boston- and Amsterdam-based venture capital firm focused on investments in animal health and agrifood innovation.

BofA Securities, Inc. is acting as exclusive financial advisor to Invetx and Latham and Watkins LLP is acting as legal advisor.

Juergen Horn, Dr.med.vet., PhD, chief executive officer and co-founder, Invetx, said: “We are thrilled to be joining forces with Dechra Pharmaceuticals, a global leader in animal health.

“Our pipeline of monoclonal antibody therapeutics for chronic, serious diseases in cats and dogs is highly complementary to Dechra’s broad portfolio of specialty therapeutics for companion animals and accelerates Dechra’s differentiated position in the veterinary health industry.”

Jesper Nordengaard, chief executive officer of Dechra, added: “Invetx’s ability to develop veterinary biotherapeutics with an extended duration of effect and longer inter-dosing intervals represents a significant innovation in animal health.

“The Invetx products in development have significant potential and will deepen our expertise in core therapeutic areas such as atopic dermatitis and osteoarthritis, allowing for synergistic product development, sales and marketing, and education efforts in the future.”

Phil Austin, managing partner and co-founder of Anterra Capital, concluded: “The exit of Invetx is an exceptional outcome not only for the stakeholders in the company but also for the broader start-up community and the animal health industry.

“Invetx is a great example of how start-ups can drive innovation in this industry. We are excited to see the Invetx products come to market and support Dechra in its ambitious growth plans.”