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- Veterinary products firm Dechra Pharmaceuticals PLC on Thursday said it raised £184 million in a discounted share placing and subscription for its acquisition pipeline.
Dechra said a total of 5.2 million shares were placed by Investec Bank PLC, the sole bookrunner, at a price of 3,430 pence each. The placing price represents a discount of 8% to Wednesday's closing price.
Dechra shares were trading 6.6% lower at 3,482.00p in London early Thursday, placing it at the bottom of the FTSE 100 index in morning trade.
In addition, 116,870 new shares were subscribed for in a retail offer via PrimaryBid, raising £4 million.
In total, these shares represent just under 5% of its existing issued share capital.
Late Wednesday, Dechra said it had agreed to acquire Piedmont Animal Health Inc for $210 million, or £175 million, in cash.
Greensboro, North Carolina-based Piedmont makes products for the companion animal market, which will add to Dechra's portfolio of innovative and novel solutions for vets and pet owners.
The capital fundraise will give its balance sheet the flexibility to execute on its acquisition pipeline ‘including on one near term opportunity which the company is in exclusive discussions to acquire with an acquisition price similar to Piedmont,’ Dechra said.
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