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.