ARROTEX Australia Group has been officially launched following the merger of Arrow Pharmaceuticals and Apotex Australia (PD breaking news).
The deal announced last year (PD 10 May 2018) was finalised yesterday, creating the country's largest generic pharmaceutical and private label over-the-counter (OTC) business, accounting for close to 30% of all prescription volume dispensed in Australia.
The new entity will be owned and controlled by Arrow Chairman, Dennis Bastas (pictured) and Apotex Inc Canada, with Strides Pharma Science Limited selling down its interest in Arrow to Bastas as part of the deal.
Strides will continue as a major supplier to the new business.
Bastas will lead Arrotex as Chair and CEO, with the management teams of both companies remaining "largely unchanged" under a restructured leadership team.
"The proposed merger of Arrow and Apotex will give Australian pharmacies an even greater level of service and support from the businesses that they have chosen to partner with for the past 15 years.
"Both companies respect and value the relationship that pharmacists and consumers have with the Arrow and Apotex products and brands.
"Our customers can rest assured that there will be no change in the way that they do business with us and that the merged business will continue to provide all the Arrow and Apotex brands that people have come to trust, including the Chemist's Own and Apo-Health OTC ranges."
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