Deal includes Australian and New Zealand generic pharmaceutical and OTC operations.
Arrow Pharmaceuticals and Apotex have just announced a proposed merger of their local businesses.
The companies said the move aims to create a sustainable platform for future growth and development, with the combined operations to become one of Australia’s leading pharmaceutical companies.
It’s expected that current Arrow Pharmaceuticals executive chairman Dennis Bastas will be appointed executive chairman of the new entity, while Apotex managing director Asia Pacific, Roger Millicamp, will become chief executive officer.
“We sincerely value and respect the relationship that pharmacists and consumers have for the Arrow and Apotex products and services,” Bastas said, with the deal to provide clients with “unparalleled service and support from the businesses with which they have chosen to partner over 15 years”.
Millichamp described the deal as “a merger of equals who share a common customer-centric culture”.
He said the merger would provide Australian pharmacists with ongoing access to a diverse range of almost 500 low cost medicines and permit the expansion of current product ranges including OTC, vitamins and practitioner-only items.
The merger is anticipated for completion in the new financial year, and is still subject to several conditions including ACCC approval and due diligence.
More details in tomorrow’s issue of Pharmacy Daily.
