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CMA Launches Inquiry Into Dechra's Planned Acquisition Of Elanco's Osurnia

The UK Competition and Markets Authority or CMA Monday said it has launched a merger inquiry into Dechra Pharmaceuticals PLC's (DPH.L) anticipated acquisition of the Osurnia business of Elanco Animal Health Inc. (ELAN).

The CMA said it is considering whether the transaction would result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002. If so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA informed the parties about the launch of its merger inquiry by notice on April 20 and has a deadline of June 17 for its phase 1 decision.

It was in early January that Elanco agreed to divest Osurnia, a treatment for otitis externa in dogs, to Dechra for $135 million. This deal is related to Elanco's acquisition of Bayer AG's (BAYZF.PK, BAYRY.PK, BYR.L) animal health business.

Dechra then expected the acquisition to be earnings enhancing for the financial year ending 30 June 2021.

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