Douglas Pharmaceuticals stays in family

Last updated 14:46 30/11/2012

Relevant offers

Industries

BNZ seeks mortgagee sale of Abel Tasman beach owner's $1.6m Wellington home Waitangi weekend drew out the shoppers Reclusive rich-lister John Spencer was once NZ's richest man Gareth Morgan critical of crowd-sourced Abel Tasman beach campaign Mummy blogger Heather Armstrong says 'real voices' being silenced online Animal rights group SAFE calls on Countdown to dump cage-farmed eggs Cloud security broker ThisData helping businesses stay safe in the cloud Ask the Expert: Asking friends for business investment NZ Post announces new vehicle purchase to keep up with changing consumer demands It's time to ban sunbeds, Consumer NZ says

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.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content