Northwich, Chesire-based veterinary drugs giant Dechra Pharmaceuticals plc said on Tuesday it agreed terms to acquire worldwide rights to the Mirataz product portfolio from Kindred Biosciences for $43 million and a royalty on future sales.
“Mirataz is the first and only FDA and EMA approved transdermal medication for the management of weight loss in cats, a major problem encountered by veterinarians and owners when treating other underlying medical conditions,” said Dechra.
Dechra added: “Despite current equity market conditions and the rapidly changing developments regarding Covid-19, the Dechra business remains robust, with a strong balance sheet and strong cash flow.”
Dechra CEO Ian Page said: “We are delighted to acquire the worldwide rights to Mirataz.
“The product is an incredibly good fit with Dechra’s portfolio as many of the diseases that our current products treat can lead to weight loss in cats.
“The addition of Mirataz will allow us to offer a solution for veterinarians to manage unintended weight loss in cats and offer the best option for the pet whilst treating the underlying cause.”