Dechra Pharma to buy VetXX for 61.7 mln stg

LONDON Dec 12 (Reuters) - Britain's Dechra Pharmaceuticals Plc (DECP.L) said on Wednesday it was to buy VetXX for 61.7 million pounds ($126 million) and raise 35 million pounds through a placing and open offer to pay for the acquisition. Dechra said in a statement it would sell 11.6 million new shares at a discounted 303 pence, including an offer of 11 new shares for every 50 existing shares. Dechra shares closed at 336 pence on Tuesday.

Denmark-based VetXX makes veterinary products for pets.

"The acquisition is anticipated to be earnings enhancing before amortisation and exceptional costs in the first full year and significantly earnings enhancing thereafter," Dechra said, adding it would now have access to 10 European countries, including Britain and Ireland which it currently serves. (Reporting by Dan Lalor, editing by Will Waterman)