Dechra Pharmaceuticals plc is planning to acquire Denmark-based veterinary products developer VetXX for £61.7 million in a bid to strengthen its European footprint.

Dechra Pharmaceuticals plc is planning to acquire Denmark-based veterinary products developer VetXX for £61.7 million in a bid to strengthen its European footprint.

The proposed acquisition will be funded by a share placing expected to raise £35 million.

Key managers of VetXX will be joining the enlarged group. If successful, the proposed acquisition will give Dechra access to a distribution network to market the enlarged product range.

Dechra Pharmaceuticals comprises six businesses spanning the group’s pharmaceuticals and services divisions and is focused on companion animal products.