PORTLAND, Maine (AP) — An English maker of veterinary products says it's paying $200 million (US) to buy Putney Inc., a Maine company that sells generic pet pharmaceuticals.
The corporate parent of Dechra Pharmaceuticals PLC said Monday that the purchase of the Portland company with 60 workers will strengthen its business in the United States.
Putney currently markets 11 medications, which are manufactured by other vendors.
The company's first product, a generic version of Rimadyl launched in 2009, is used to treat pain and inflammation from arthritis and joint diseases in dogs.
Dechra said the company will be able to leverage its sales and marketing teams and Putney's distribution channels, as well as share best practice regarding product development and federal regulations. Officials hope for regulatory approval by mid-April.
