3M Pharmaceuticals Asia Pacific and Africa announced today iNova Pharmaceuticals as its new business name. This follows closure of the $455 million sale of 3M Company’s branded pharmaceutical business in Australia, New Zealand, Asia Pacific and South Africa to Australian private equity firms Archer Capital and Ironbridge Capital.
iNova Pharmaceuticals develops and supplies a range of prescription and over the counter medicines including drugs to treat skin cancer, heart conditions, weight loss, asthma, coughs, sore throats and sports injuries.
Based in Sydney and currently employing around 200 people, the newly named company intends strengthening and growing its business in the Asia Pacific and South African regions under the leadership of CEO, Tony Martin, and his management team.
"iNova Pharmaceuticals is ideally positioned with its diverse product portfolio and high growth outlook to expand into new and existing markets,” Mr Martin said.
“We intend to grow the business throughout Asia Pacific and South Africa, and continue to build on product innovation,” Mr Martin said.
iNova Pharmaceuticals has manufacturing and laboratory facilities in Thornleigh, Australia, and distributes its products to South Africa and throughout the Asia-Pacific region including Australia, New Zealand, Malaysia, the Philippines, Thailand, Singapore, Japan, South Korea, China, Taiwan and Hong Kong.
Media Contact: Tony Martin on 0412 304 969
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