Press Release Summary = GENERIC HEALTH TO ACQUIRE BELLWETHER
Melbourne, Australia 05 March, 2007; Generic Health Pty Ltd, an Australian owned and operated pharmaceutical company headquartered in Melbourne, Australia, has today announced that it has entered into agreement to acquire pharmaceutical company Bellwether Pharma Limited.
Press Release Body = Bellwether Pharma currently has 1500 pharmacy customers throughout Australia, giving the new acquirer Generic Health an immediate sales channel for its flagship products to be launched in 2007.
Generic Health has been working with its low cost manufacturing partners for three years to bring products to the market to create a low-cost option that is highly competitive and sustainable with its reach in the market bolstered by the existing sales and marketing infrastructure of Bellwether Pharma.
Bellwether Pharma was established in 2004 and has representation in Queensland, New South Wales, Victoria, South Australia, Tasmania and Western Australia. The company has a portfolio of high usage drugs, most notably Simvabell and Lorastyne. Through the acquisition, the combined entity will have a product portfolio that has the potential of representing 30% of all available generic products by value.
"The acquisition gives Generic Health market share that would have taken longer to achieve in the current market and will be instrumental in providing a platform to leverage off Bellwether's existing sales channel," confirmed CEO, Gavin Upiter.
"Generic Health has an experienced board and management team which will complement Bellwether's sales and marketing group and its established infrastructure.
Mr Upiter says that the acquisition was timely given that 2007 is the year that the first products are expected to be released under the new Generic Health brand.
"Generic Health plans to be a significant mid-tier Australian owned generics pharmaceutical company.
"This acquisition accelerates this positioning and will create a company transforming platform within both businesses."
This deal is a notable acquisition for Generic Health, a company who has aggressive growth strategies both in Australia and internationally.
"Bellwether has an excellent reputation as a quality provider of pharmaceutical drugs and its geographic reach is appealing to Generic Health," confirmed Mr Upiter.
Bellwether has recently launched two new products into the market, Zolpibell, a sleep disorder drug (generic Zolpidem) and Metforbell (generic Metformin), for diabetes.
About Generic Health
Generic Health Pty Ltd is an Australian pharmaceutical company providing the pharmacy market with a low cost range of high-selling, high-quality generic pharmaceuticals. Established in 2004, Generic Health was founded by Gavin Upiter, who has extensive experience in the pharmaceutical industry most notably with Bristol-Myers Squibb.
About Bellwether Pharma
Bellwether Pharma is an Australian owned and operated supplier of quality generic medicines, with market leading products in the supply of generic pharmaceuticals to pharmacies.
For more information, please contact;
Lauren Ure Farrell Meltzer Media Manager Corporate Advisor Generic Health Wingate House P: 03 9825 5160 P: 03 9913 0700
Web Site = http://www.generichealth.com.au
Contact Details = Lauren Ure Farrell Meltzer Media Manager Corporate Advisor Generic Health Wingate House P: 03 9825 5160 P: 03 9913 0700
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