Arrow hits Amneal target
ARROW Pharmaceuticals Pty Ltd has announced the completion of its acquisition of the Australian retail pharmacy business of US generics firm Amneal Pharmaceuticals, with the deal said to cement Arrow as “Australia’s fastest growing generic pharmaceutical company” (W breaking news Fri).
Arrow chairman Dennis Bastas said the acquisition expanded the company’s footprint and added some “leading products and services” to Arrow’s portfolio.
“We have been fortunate to have experienced strong organic growth across our primary customer base within both our generic prescription medicines and Chemists’ Own portfolio.
“Bringing Amneal’s customer base into our network of supporting pharmacies further accelerates this current growth and strengthens the offering we bring to all our customers,” Bastas said.
Amneal Pharmaceuticals Australia ceo Gavin Upiter said the Arrow acquisition would bring a broader range of products to the company’s existing customers and allow Arrow to deliver new services to its current extensive user base.
Amneal Pharmaceuticals commenced operations in Australia in 2014 and established a comprehensive product offering before acquiring the Australian Actavis business in 2015.
Its assets include generic prescription medicines and branded OTC products. “Amneal has a loyal customer base supported by our diverse generic pharmaceutical range and our innovative value solutions,” Upiter said.
“The Arrow acquisition will bring a broader range of products to our existing customers and allow Arrow to deliver new services to its current extensive customer base.”
He said current Amneal customers would not see any disruption, with both groups of customers to be offered a more comprehensive product and service offering.