Genepharm settles Douglas aquisition
Melbourne-based Genepharm Australasia says it has successfully settled its acquisition of Douglas Pharmaceuticals Australia from its New Zealand parent company and completed its associated A$60.0 million ($44.9 million) fund raising (Marketletter June 12.
The fund raising was a fully-underwritten two for three rights issue raising just under A$51.7 million in addition to just over A$11.4 million raised under a share placement.
The acquisition of Douglas accelerates Genepharm's position as a major generic pharmaceutical group in Australia, the latter company claims, noting that it combines its established customer base, infrastructure and diversified product portfolio with Genepharm's product development pipeline and innovative sales model for Australian pharmacies.
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