Kindred Biosciences, a biopharmaceutical company focused on saving and improving the lives of pets, this week announced that it has completed the sale of Mirataz, a feline topical treatment for use only under veterinarian supervision, to Dechra Pharmaceuticals PLC for an upfront payment of $43 million, and royalties on worldwide sales.
“We are pleased with the timely closing of this transaction, which provides validation of the value we are creating as a company, and we are confident that Mirataz will continue to be a successful commercial product in the hands of Dechra,” said KindredBio’s CEO Richard Chin.
Dechra has commercial sales and marketing teams in 25 countries, and distributor relationships in an additional 68 countries, positioning it strongly to market Mirataz in the US, Europe and globally. Dechra plans to launch Mirataz in the UK and the European Union and intends to conduct the necessary regulatory activities to achieve approvals in other key international markets. Royalties on future global sales of Mirataz by Dechra will be recorded by KindredBio as revenue.