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Business and Economy

British Firm Buys Maine Pet Pharmaceutical Company

PORTLAND, Maine - A British pharmaceutical company has announced that it plans to buy a Maine maker of generic medications for companion animals.

London-based Dechra Pharmaceuticals says the purchase of Putney, headquartered in Portland, gives Dechra access to Putney's existing product portfolio and development pipeline.

Jean Hoffman founded Putney in 2006. She says among the things that attracted Dechra to Putney was Putney's size and scale, and its research and development operation.
 
"We have the best track record of any company in getting veterinary pharmaceuticals approved by the FDA," Hoffman says. "So they were attracted to our product now and our revenues, but also to our R & D team to develop more drugs for the future."

Hoffman says Dechra plans to keep the Portland office open, although it might reduce the number of employees. Among those who will depart is Hoffman herself.

She says the $200 million deal is expected to close in April.