Genepharm seeks more acquisitions

Australia's Genepharm, a generic drugmaker says that it will seek to make additional acquisitions having achieved an improved trading position following its purchase, in July this year, of fellow Australian drugmaker Douglas Pharmaceuticals for A$70.0 million ($55.2 million) in a move designed to boost its OTC drug business.

Genepharm's chairman, Dennis Bastas, said that he was optimistic for the future growth of the firm, and did not expect that the company would be an acquisition target itself, despite operating in an environment of industry consolidation. He added that the firm is forecasting net sales of A$60.0 million to A$65.0 million for the current year, after gross profits of A$5.2 million for the first quarter.