Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ's only drug giant, Douglas Pharma, to stay locally owned

NZ's only drug giant, Douglas Pharmaceuticals, to keep it in the family

Nov. 30 (BusinessDesk) - 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 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 said it was decided staying with private owners was best for its future. Douglas Pharmaceuticals 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," Douglas said.

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 both US Federal Drug Administration accreditation and global distribution agreements for three key dermatology treatments.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news