Drug Delivery | Oostkamp, Belgium | Corporate Acquisition
Animalcare has announced plans to acquire animal pharmaceuticals specialist Ecuphar for £34 million. To fund the deal, the UK veterinary services business will raise £30 million by placing new shares, with the remaining £4 million to be paid for with existing cash. Ecuphar's Chris Cardon will become the group's new CEO, while Animalcare's Iain Menneer will take on the role of COO. Ecuphar generated revenues of £68.4 million and underlying EBITDA of almost £9 million last year.