In a bold move to bolster its presence in the growing equine healthcare market, U.K.-based pharmaceutical group Animalcare has agreed to acquire Australian veterinary company Randlab for 120 million Australian dollars (approximately £62 million). This acquisition will expand Animalcare’s portfolio of products and deepen its reach in the global market.
Acquisition Agreement and Financing Details
On Tuesday, Animalcare announced that its Australian subsidiary, Animalcare Australia Pty Ltd., had entered into a “conditional share purchase agreement” to acquire Randlab. The deal is set to be funded through a mix of Animalcare’s cash reserves, committed debt facilities, and proceeds from a share placing. This placing, also launched on Tuesday, will raise an estimated £20 million through an accelerated bookbuild process.
Leading the legal guidance for Animalcare in this significant transaction are Squire Patton Boggs LLP, with teams in both Sydney and the U.K. The Sydney team, including partners Michael Gajic, Ashley Rose, and director Louisa Hine, is overseeing the deal, while the U.K. corporate team, led by Hannah Kendrick and Ben Morgan, is advising on the share placing.
Closing Timeline and Conditions
The deal, slated for completion in early January, remains contingent on Randlab’s performance through the five-month period ending in November. Animalcare expects that the transaction will close without requiring shareholder or regulatory approval.
