Life Pharmacy appoints new chief executive

Nation-wide chain Life Pharmacy has appointed the head of its recently-acquired Pharmacybrands operation, Alan Wham, as chief executive.

The head of Pharmacybrands for the last five years, Mr Wham had merged the Unichem and Amcal operations and overseen Pharmacybrands' franchise business, Life Pharmacy chairman Peter Merton said.

Mr Wham had previously worked in pharmaceutical businesses operating in the Asia Pacific and African regions, and in the United Kingdom and New Zealand for 15 years with 3M.

As New Zealand's only listed pharmacy chain, Life Pharmacy committed to buying Pharmacybrands earlier this month.

The September 7 offer valued Pharmacybrands at about $20 million, or $19.55 per Pharmacybrands share, and Life Pharmacy at around $36.2 million.

An independent report by Simmons Corporate Finance concluded the offer was between 3 percent and 35 percent above its valuation range.

"We are confident Alan will successfully integrate the two organisations realising the cost synergies in the process and continue to drive growth and profitability for Life Pharmacy," Mr Merton said.

The pharmacy chain also announced the appointment of former KPMG partner Keith Rushbrook as an independent director.

A chartered accountant, Mr Rushbrook had previously been a director on the Pharmacybrands board, Mr Merton said.

Life Pharmacy shares were last traded for 52c earlier this month, with a year high of 60c in August.

- NZPA