The founder of Douglas Pharmaceuticals, the country’s largest drug manufacturer, has decided his business will remain in New Zealand hands.
Earlier this year Sir Graeme Douglas denied that the company was being touted to a major Canadian drugs firm, or to anyone else.
However the family-owned firm confirmed it had indeed recently put out an Information Memorandum to prospective purchasers.
It had decided to formalise the process after receiving several offers from interested parties over the years.
Having reviewed the bids, Sir Graeme decided the best way forward was to retain private ownership.
‘‘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,’’ he said in a statement this afternoon.
The company plans to boost its exports by adding experienced executives with the emphasis on emerging markets in Asia and Latin America.
Douglas Pharmaceuticals was founded by Sir Graeme in 1967. It makes a range of products for immuno-suppression, oncology, dermatology and the central nervous system, and exports to 45 countries worldwide.