EQT completed the take-private acquisition of Dechra Pharmaceuticals. The strategic rationale for taking Dechra private was to support its long-term growth away from the volatility of public markets. In early 2023, Dechra faced headwinds from "wholesaler de-stocking" in the US, which hit its share price. EQT intends to accelerate investment in the company's innovation pipeline and support further international acquisitions without the pressure of quarterly earnings reporting.

DECHRA PHARMACEUTICALS, which reported an EBITDA margin of LOGIN in 2023, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN higher than the 12.8x average currently observed in the Healthcare & Pharma sector.

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