Press Release – AFT Pharmaceuticals
AFT Pharmaceuticals considering an IPO to accelerate international growth \ Growing New Zealand and Australia based multinational pharmaceutical company, AFT Pharmaceuticals, has announced today that it is considering an initial public offering and listing …AFT Pharmaceuticals considering an IPO to accelerate international growth
Growing New Zealand and Australia based multinational pharmaceutical company, AFT Pharmaceuticals, has announced today that it is considering an initial public offering and listing on the NZX Main Board and ASX.
Dr Hartley Atkinson and his wife Marree founded AFT Pharmaceuticals in their garage in 1997 with startup capital of only NZ$50,000.
AFT now markets more than 100 products over a wide range of therapeutic categories and annual operating revenues have grown at a compound annual growth rate of 21% over the last 10 years.
AFT’s products are sold to a large majority of hospitals and nearly all pharmacies in New Zealand and Australia.
In New Zealand, its products such as Maxigesic can be found in all major supermarket chains.
CEO of AFT Pharmaceuticals, Hartley Atkinson, says the time is right for the company to consider an IPO and raise capital as it embarks on its next phase of global growth.
“We believe that our business is set up to perform well on the world stage,” says Dr Atkinson.
“In terms of product development, regulatory approvals, licensing and distribution, we’ve developed a good track record. Our first patented development product, Maxigesic tablets, is already approved and licensed in multiple European countries.”
“Raising new capital is really about taking this business to the next level and advancing our portfolio of innovative development products.”
Preliminary indications of interest may be made by contacting the Sole Lead Manager for the offer, First NZ Capital (0800 320 200) or an authorised financial advisor.
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No indications of interest will involve an obligation or commitment of any kind.
No money is currently being sought, and shares of AFT cannot currently be applied for or acquired under any offer or intended offer. If an initial public offer is made, it will be made in accordance with the Financial Markets Conduct Act 2013.
Q + A
Where is AFT based?
We are headquartered in Takapuna, Auckland.
We also have offices in Sydney, Singapore and Kuala Lumpur.
What is the current ownership of the company?
Atkinson family interests own approximately 87% of the company.
Specialty US healthcare investment company, CRG, increased its shareholding to 9% earlier this year. Milford Asset Management holds approximately 3% of the company acquired in 2014.
The remaining shares in the company are held primarily by AFT board members and specialist overseas individual pharma investors.
Who is on the board of directors?
The chair of the AFT board is David Flacks. Also on the board are experienced pharma professionals, Nate Hukill and William Burns, both based in US, local directors Dr Doug Wilson and Jon Lamb, and founders Dr Hartley and Marree Atkinson.
What products does AFT sell/license?
A range of pharmaceutical products used in both residential and clinical settings including well known brands such as Maxigesic, Crystaderm, Zostrix, Coco-Scalp, Maxiclear Hayfever & Sinus, Maxiclear Cold & Nasal, Loraclear, Histaclear, Levoclear, Paracetamol OsteoTab, Ferro-F Tab and Ferro-Tab.
AFT has a number of innovative products that it has developed, or is developing, to sell directly in its home markets, or license to other companies around the world.
It also has a medical device R&D programme.
Why is this IPO being considered?
While AFT has a strong established business in Australia and New Zealand, AFT also has a portfolio of innovative products that require investment to accelerate completion of their clinical development and introduction into markets around the world. Funds raised will be mainly used for this purpose, with some additional funds required for working capital and additional staff costs such as increasing AFT’s business development team and sales force in Australia.
Content Sourced from scoop.co.nz
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