Dechra Pharmaceuticals plc (LSE:DPH) has acquired New Zealand-based veterinary pharmaceutical business Caledonian Holdings Ltd, the UK company revealed on Monday.

Established in 2010 by a group of equine veterinarians in New Zealand and Australia, Caledonian is a supplier to equine veterinary practices New Zealand, Australia and Hong Kong. The business generated revenues of NZD3.6m (GBP1.8m) in the year to 30 June 2017.

Dechra purchased the trade and assets of Caledonian for NZD8.7m (GBP4.4m) in cash.

The company said that Caledonian's range of proprietary equine drugs will enhance its existing portfolio, which includes Osphos, and will establish Dechra as a leading equine pharmaceutical supplier in both Australia and New Zealand. Additionally, the acquisition will enable Dechra to grow its market penetration of equine products in the Asian market.