BOSTON--(BUSINESS WIRE)--Invetx Inc., a pioneer in protein-based therapeutics for animal health, announced today that it has agreed to be acquired by Dechra Pharmaceuticals Limited (Dechra), a global specialist veterinary pharmaceuticals business, for up to $520 million in total consideration on a cash-free and debt-free basis. The acquisition remains subject to antitrust approval and other customary closing conditions.
“We are thrilled to be joining forces with Dechra Pharmaceuticals, a global leader in animal health. Our pipeline of monoclonal antibody therapeutics for chronic, serious diseases in cats and dogs is highly complementary to Dechra’s broad portfolio of speciality therapeutics for companion animals and accelerates Dechra’s differentiated position in the veterinary health industry,” said Juergen Horn, Dr.med.vet., Ph.D., chief executive officer and co-founder, Invetx.
In addition to the Invetx pipeline, Dechra will gain access to the company’s species-specific, half-life extension platform, which extends duration of drug activity and enables longer intervals between treatment, offering greater convenience and improved compliance for veterinarians, owners and their pets.
“Invetx’s ability to develop veterinary biotherapeutics with an extended duration of effect and longer inter-dosing intervals represents a significant innovation in animal health,” said Jesper Nordengaard, chief executive officer of Dechra. “The Invetx products in development have significant potential and will deepen our expertise in core therapeutic areas such as atopic dermatitis and osteoarthritis, allowing for synergistic product development, sales and marketing, and education efforts in the future.”
The half-life extension technology is part of Invetx’s overall integrated platform, which includes state-of-the-art antibody discovery technology, optimization, development and manufacturing for best-in-class and differentiated veterinary biotherapeutics.
As a start-up company, Invetx was initially incubated by Anterra Capital, a Boston- and Amsterdam-based venture capital firm focused on investments in animal health and agrifood innovation. Phil Austin, managing partner and co-founder of Anterra Capital, stated “The exit of Invetx is an exceptional outcome not only for the stakeholders in the company but also for the broader start-up community and the animal health industry. Invetx is a great example of how start-ups can drive innovation in this industry. We are excited to see the Invetx products come to market and support Dechra in its ambitious growth plans.”
BofA Securities, Inc. is acting as exclusive financial advisor to Invetx and Latham & Watkins LLP is acting as legal advisor.
About Invetx
Invetx is a pioneer in creating novel, protein-based animal health therapeutics to transform standards of care in veterinary medicine. The company leverages a best-in-class, fully integrated biotechnology platform for the discovery, development, and manufacturing of veterinary monoclonal antibodies, and is developing a diverse product pipeline addressing chronic and severe diseases in companion animals.
Invetx has raised $86 million since 2018, including investors F-Prime Capital, Novo Holdings, GV, Eight Roads, Anterra Capital, Casdin Capital and funds managed by Tekla Capital Management, LLC. Strategic investment partners include AbCellera, a global technology company specializing in antibody discovery located in Vancouver, BC, and WuXi Biologics, a global company with leading biologics technology platforms.
Invetx is headquartered in Boston, Massachusetts. For more information, see www.invetx.com.
About Dechra
Dechra is a global specialist veterinary pharmaceuticals and related products business. Dechra’s expertise is in the development, manufacture, and sales and marketing of high quality products, exclusively for veterinarians, to support the sustainable improvement of animal health and welfare worldwide. For more information, please visit: www.dechra.com
