A series of mergers and acquisitions over the two decades or so that Ian Page has headed Dechra Pharmaceuticals, particularly in the past five years, had led to a sharp rally at the FTSE 250 veterinary drugs company and a valuation of more than £3 billion.
The galloping share price hit a hurdle 12 months ago, however, when investors took profits and a sell-off led to the stock re-rating by more than a third from a peak of £31.68 in August last year to £20.14 in November. The catalyst for the pullback appeared to be concerns about the costs and impact of preparing for a potential hard Brexit.
Those worries have since appeared to be allayed and yesterday’s better full-year results than expected, an update