15 September 2000

Dechra Pharmaceuticals Share Price Revealed

Dechra Pharmaceuticals, the manufacturing, development and supply company for the veterinary industry has today unveiled its initial share price offer at 120p, the high end of expectations by the market. Distribution is being shared among institutional investors and the Royal Institute of Veterinary Surgeons (RIVS). Dechra, based in Stoke-on-Trent will pay most of the balance to venture capitalists Mercury Private Equity. Dechra began as the veterinary products division of Lloyds Chemist, but when German pharmaceutical company GEHE bought it, a management buy out was organised with the help of Mercury. Now the company has paid its debt to Mercury. The shares have been placed with large investment banks and 200 vets from the RIVS. Dechra has three main divisions: a. Manufacturing pharmaceuticals (for animals and humans). b. National Veterinary Services, which supplies veterinary practices and the pet accessory and specialist pet food market. c. Arnolds, a worldwide supplier of veterinary pharmaceuticals and equipment.