Dechra Pharmaceuticals PLC Pre Annual General Meeting Statement (1123N)

TIDMDPH

RNS Number : 1123N

Dechra Pharmaceuticals PLC

21 October 2016

Friday, 21 October 2016

Dechra(R) Pharmaceuticals PLC

(Dechra or the Company)

Pre Annual General Meeting Statement

The Board of Dechra issues the following business update prior to the Annual General Meeting (AGM) which will take place at 1.00pm today, Friday 21 October 2016, at Investec Bank plc, 2 Gresham Street, London, EC2V 7QP.

Trading Update

The Company is pleased to report that performance in the first quarter of our financial year was in line with management expectations with all of the recent acquisitions performing well.

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 GBP31.3 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.

People

Following today's AGM our Chairman of 14 years, Michael Redmond, retires. On behalf of colleagues and investors the Board would like to thank Mike for the huge contribution and guidance he has provided to the business throughout his tenure. We wish him and his family well in his retirement.

Tony Rice will take up the role as Non-Executive Chairman at the conclusion of the AGM.

 
 
   Enquiries: 
 Dechra Pharmaceuticals PLC 
 Ian Page, Chief Executive Officer         Mobile: +44 (0) 
                                            7775 642 222 
 Septima Maguire, Acting Chief             Mobile: +44 (0) 
  Financial Officer                         7721 883 246 
  e-mail: [e-mail]    Office: +44 (0) 
                                            1606 814 730 
 
 TooleyStreet Communications 
  Ltd 
 Fiona Tooley, Director                    Office: +44 (0) 
  e-mail: [e-mail]            121 309 0099 
                                            Mobile: +44 (0) 
                                            7785 703 523 
 

About Dechra

Dechra is an international specialist veterinary pharmaceuticals and relates products business. Our expertise is in the development, manufacture and sales and marketing of high quality products exclusively for veterinarians worldwide. Dechra's business is unique as the majority of its products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products.

For more information, please visit: www.dechra.com

Stock Code: Full Listing (Pharmaceuticals): DPH

Trademarks

Dechra and the Dechra "D" logo are registered trademarks of Dechra Pharmaceuticals PLC.

Forward Looking Statement

This document may contain certain forward-looking statements. The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document. By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involve a degree of uncertainty. Therefore, nothing in this document should be construed as a profit forecast by the Company.

Market Abuse Regulation (MAR)

The information contained within this announcement may constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 21, 2016 02:00 ET (06:00 GMT)