Putney

About Putney

Putney, Inc. was a pharmaceutical company focused on developing and selling generic prescription medicines for pets. Founded in 2006 by Jean Hoffman, the company established itself as a significant player in the U.S. animal health market from its headquarters in Portland, Maine. Hoffman, who served as President and CEO, led the company from its inception, raising over $60 million in capital and building a team that propelled Putney to become a leader in generic drugs for companion animals. Her prior experience includes founding and exiting a healthcare information technology company, Newport Strategies, which provided her with a foundation in identifying and capitalizing on market inefficiencies, a strategy she applied to the veterinary pharmaceutical sector.

The company's business model centered on creating cost-effective, FDA-approved generic alternatives to branded pet medications. Putney identified an inefficient market with limited generic competition and high demand, aiming to provide value to both veterinarians and pet owners. Its product portfolio included treatments for pain management, anti-infectives, and dermatology. By 2015, the company was marketing 11 FDA-approved drugs and had a robust pipeline of 10 additional products in development. Revenue was generated by selling these pharmaceuticals through a multi-channel approach that included national and regional distributors, as well as direct sales to veterinary practices. In 2015, Putney recorded net revenues of $49.6 million.

A significant milestone in the company's history was its acquisition by the UK-based Dechra Pharmaceuticals PLC in April 2016. The all-cash deal was valued at $200 million and marked a successful exit for Hoffman and the company's investors. The acquisition was a strategic move for Dechra to strengthen its position in the U.S. companion animal market, gaining access to Putney's product portfolio and development pipeline. At the time of the sale, Putney was noted for having received 47% of all U.S. generic approvals for dogs and cats since 2012. Following the acquisition, founder Jean Hoffman departed from the company.