First Pharma announce strategic collaboration
We are excited to announce a strategic collaboration with Mayne Pharma. Under the agreement, the Consumer Products portfolio of Mayne Pharma will be promoted by First Pharma in Australia.
Given the strong synergy with our own portfolio, the addition of trusted products such as Astrix, Licener and Magnoplasm will further cement First Pharma’s position as a key distributor of valued brands to Australian retail pharmacies.
First Pharma on acquisition trail
Australian-owned First Pharma has signalled its expansion ambitions with the acquisition of Kenkay Pharmaceuticals, a leading brand in therapeutic and natural skin care products.
Established in 1984, Kenkay developed and launched Australia’s original, authentic Sorbolene formula and today boasts a broad range of high quality, pharmacy-only skin care brands. With over 30 years of trusted use by Australian families, Kenkay has been a leader in the Sorbolene market as well as an innovator that offers gentle and effective skincare products for the whole family through its dermatological range.
First Pharma CEO Justin Ooi described the Kenkay acquisition as “a key milestone that adds a well-established Australian-made product range to the First Pharma stable of brands”.
“Kenkay is a great strategic fit, delivering a highly regarded suite of products to bolster our presence and offering in the growing skin care market,” he said.
“We have ambitious plans for further product development and are committed to increase our support for retail pharmacies. We look forward to connecting with our customers to learn how we can improve an already excellent product range. Pharmacists can continue to order Kenkay brands from wholesalers or contact First Pharma for some great opening deals on our key lines.”
The purchase of Kenkay follows First Pharma’s acquisitions of KraveGone® mouth spray, an innovative OTC product that suppresses cravings for sweet foods in early 2018.
“Strengthening our portfolio and pipeline through targeted acquisitions and investments remains a priority for First Pharma,” said First Pharma Executive Chairman, Andrew Howden.
“We have ambitious growth targets and are on the lookout for opportunities to expand in Australia and across Asia Pacific through strategically aligned product, portfolio and company acquisitions,” Mr Howden added.
First Pharma successfully completes fund raising for further growth; acquires new brands
• In early 2017 First Pharma acquired the Luminarie pipeline and welcomed into the group key members of its experienced management team. This acquisition has enhanced First Pharma’s pipeline and includes the launch of Puranox, for snoring, in late 2017.
• At the same time Justin Ooi (formerly of AstraZeneca) was appointed First Pharma CEO. He has brought significant leadership and management experience to the group. “First Pharma has enjoyed a strong year with the launch of new brands and line extensions to Dermascar and Excilor which has quickly expanded our position in the market. We have more product opportunities in our pipeline, and we are expanding the team in order to maximise these assets” he said.
• Justin Ooi and the Board of First Pharma have attracted significant attention within the market and have created a strong Business Development pipeline, including potential acquisitions of brands and companies.
First Pharma Chairman, Andrew Howden, said: “The initiatives we undertook in our first year of trading required careful and prudent assessment to drive growth while maintaining a strong balance sheet. We had a lot of interest from potential investors during the year, and we are pleased to have a local private investment group as a new shareholder to help fund our growth. These new shareholders are backing the teams’ experience and the potential for growth in the sector.
Howden continued, “We considered an ASX listing, but have decided to continue to pursue growth opportunities as a private company at this time. Strengthening our portfolio through key acquisitions and investments remains a priority for First Pharma. In 2018, we expect to be announcing additional acquisitions and continuing to drive success with our existing portfolio.”
First Pharma has already finalised its first acquisition for the year with global rights to KraveGone. A novel oral spray to minimise cravings for sweet foods, KraveGone is currently marketed in Australia through Chemist Warehouse. Justin Ooi commented “the acquisition of the KraveGone brand provides an exciting new addition to the First Pharma portfolio. While still primarily a local brand at present we see an exciting opportunity for the KraveGone brand globally.”
Given First Pharma’s commitment to leverage the quality and credibility of “home grown brands”, KraveGone will continue to be Australian made, Ooi mentioned that “we are pleased to add another Australian made and owned product to our stable of brands. As a locally owned and managed company, we are proud to bring innovative Australian consumer healthcare products to the world.”
KraveGone is an oral spray that can be used with any diet to support a healthy lifestyle and minimise cravings for sweet foods. The oral spray includes the active ingredients Gymnema, Chromium, chromium actions and peppermint oil to curb sweet cravings in between meals and support a healthy, balanced diet. www.kravegone.com