Chessboard is proud to have acted as Corporate Advisor to Animal Ethics (developer of Tri-Solfen) during its investment process.
Animal Ethics has secured a cornerstone investor; the UK based Dechra Pharmaceuticals, who has invested $18 million for a 33 percent stake in the business.
Animal Ethics is focused on delivering ethical pain relief products in animal health. Animal Ethics has successfully developed a topical product that is sprayed on to a wound which simultaneously anaesthetises, relieves pain, controls bleeding and protects against infection. Tri-Solfen has 35 patents granted across the majority of the world’s major animal health markets. Its primary use and area for initial development and regulatory focus is in sheep, pigs and cattle; however, other opportunities have been identified in horses and companion animals.
The product is registered for sheep in Australia and is marketed by a global animal health company with current annualised sales for this one application achieving AUD$4.0 million per annum. The development process is underway to register the product in global markets, with initial focus being for pigs in Europe and pigs and cattle in the US. The global market potential is conservatively estimated to be c.AUD$300.0 million; however, with the increasing focus on the ethical treatment of farm animals, this target could be exceeded once multi-species approval is achieved in the major markets.
Allan Giffard, Managing Director of Animal Ethics says:
“The partnership with Dechra creates a wonderful opportunity for our company to pursue its mission. Chessboard provided invaluable strategic advice. Their advice and support allowed us to maximise our value and kept us focused on the important issues” .
As part of our engagement Chessboard:
Acted as Corporate Adviser to Animal Ethics
Provided strategic advice in relation to value creation
Assisted with preparation of company presentation materials and financial modelling to support value
Provided negotiation support
Planned and provided pricing advice
Identified and analysed potential future funding strategies
We are proud to have supported Animal Ethics to maximise the outcome of the transaction.