U.K. Pet Drugmaker Dechra Sparks Share Tumble With Brexit Plans
- Dechra looks to set up dual testing bases in EU and U.K.
- Hard Brexit trade barriers may cost 2 million pounds
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Dechra Pharmaceuticals Plc, a maker of animal medicines, is looking at setting up dual testing facilities in the U.K. and European Union in preparation for Brexit, a sign companies are stepping up their contingency plans as politicians stumble over a future deal.
The veterinary company sparked concern on Monday when it said it may need to spend as much as 2 million pounds ($2.6 million) in the event of a hard Brexit, in part to duplicate testing and move product registrations to the EU to avoid trade barriers. The stock fell as much as 21 percent in London trading, the steepest decline in more than two years.