ANIMAL medicine firm Dechra has snapped up the licence for a pioneering horse drug which could net them up to £12 million a year.

The company has signed an agreement with a US business for the worldwide rights to market Eiphisol, which treats exercise-induced pulmonary haemorrhage in racehorses – a disorder which can result in substantial losses for the industry.

Dechra, which employs 473 people at its National Veterinary Services Division in Talke, paid Kansas-based ANOxA Corporation £98,300, with a further £193,524 to be paid on achieving various milestones.

The drug is still undergoing clinical trials and chief executive Ian Page estimates it will take around four years to get to market.

Once it is, it could be worth between £9 and £12 million a year. Dechra will pay ANOxA royalties for each dose sold.

Mr Page said: "We're very excited about this product because it's bang in line with our specialism.

"It was owned by a company in America formed by three vets, but at the later stages clinical trials become very expensive and they didn't have the resources for it. It's a great product for us."

Dechra has also won approval to market Felimazole, which treats hyperthyroidism in cats, in the US.

It is the first product of its kind to receive a veterinary licence in the country.

Mr Page said: "In the US, vets already use the human equivalent for cats, but in Europe, where it's very successful for us, vets must use the licensed drug by law."