Douglas Pharmaceuticals, a New Zealand-owned generic drug manufacturer serving local and export markets, is to stay in family ownership after testing the market following numerous approaches from would-be buyers.
Founder and managing director Sir Graeme Douglas has backed keeping the Henderson-based company in family ownership after the company held a formal tender process through an information memorandum to prospective buyers.
A number of offers had been received over the years, but the firm says it has decided that staying with private owners was best for its future. It plans to bolster its export activities by hiring new executives to focus on emerging markets in Asia and Latin America.
"Along with my board, I remain committed and passionate about the future of our New Zealand-manufactured pharmaceuticals enjoying ever-increasing success in the world markets," Sir Graeme says.
Douglas Pharmaceuticals was set up in 1967 and sells 15 products into 35 countries, with export turnover of some $85 million.
It ranks number 11 in the TIN100, an annually produced survey that identifies New Zealand's top 100 high-value research and technology firms.
It turned over $127.8 million in the 2012 financial year and has secured US Federal Drug Administration accreditation and global distribution agreements for three key dermatology treatments.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Big swings in Orion Health's share price ahead of key earnings announcement today
- TechDay and NetGuide publisher settles with liquidators, creditors left $2m short
- PM defends MPI as criticism over myrtle rust spread mounts
- NBR Rich List family unable to settle dispute over $264k
- MARKET CLOSE: NZ shares fall in light holiday trading
Most listened to
- Lawyer Adina Thorn discusses her decision to launch a class action against Carter Holt Harvey over its Shadowclad product
- Westpac senior economist Satish Ranchhod says student inflows continue to be a big driver of growth
- Spark chief executive Simon Moutter says getting in tune with your market is a major benefit from diversity
- Nevil Gibson reveals rising life expectancy rates could increase pension costs even higher
- NBR Radio: best of the week ended May 26, with Grant Walker