iNova shows off its new leaders

20 January 2009

Despite the current turbulent economic climate, iNova Pharmaceuticals is continuing to accelerate its growth and development to increase company value.

While many other pharmaceutical companies are downsizing operations, private equity backed iNova is doing the opposite under the leadership of Chief Executive Officer, Andrew Howden, a seasoned pharmaceutical executive with over twenty five years sales and marketing experience in the Asia Pacific region.

With the retirement of Chand Khanna as Chief Financial Officer this month, iNova has appointed another experienced CFO, Norbert Walther, to replace him. Mr Walther has had a long career with Eli Lilly including successful roles in Finance and Business Development in Europe, US, Australia and Japan.

“iNova is creating an exciting new business in Asia Pacific and I am very pleased to be a part of this growth phase” said Mr Walther. “Coming from Big Pharma I can see where they have been successful, but more importantly I can ensure that iNova does not make some of the potential mistakes of our larger competitors.”

Chief Operating Officer, Chris van Niekerk, rounds off the team with his broad experience in building businesses in Australia and Africa. Chris has been a key leader in the development of iNova over the past 2 years and will drive iNova’s strategy to acquire more products and brands in the region.

Sales and Marketing Execution will be a core competency to drive the iNova strategy. To compliment this iNova has recruited Mark Lewis from IMS Health Asia Pacific to lead the commercialisation execution across the company. Mark is another seasoned professional who will bring high quality skills to iNova.

“iNova is entering a critical phase in its development where there is an increased need to focus on maximising our efforts in creating value for patients and consumers of our products through high quality interactions with those doctors and payors that have the potential to deliver to our business goals”, said Mr Lewis.

“From my experience across Asia Pacific region and understanding the pipeline of iNova, I firmly believe that iNova is ideally placed to achieve greater results over the next five years”, he said.

Australia represents almost half of iNova annual sales, and to lead this important geography iNova has attracted Peter Mayrick to join as General Manager, Australia and New Zealand, in the coming weeks.

Mr Mayrick most recently has been leading PharmaLink (Innovex) and Inovail Australia and New Zealand, which is a leading pharmaceutical services and support company to the Pharma industry.

“I am looking forward to applying my experience and leadership to iNova in an environment which allows us to experiment and make decisions quickly”, he said.
All these executives have successfully transitioned from ‘Big Pharma’ company roles to the private equity owned business model of iNova, where they now lead a growing team of diverse and talented people across Asia Pacific and Africa to implement focused and cost-effective growth strategies.

The program includes selective geographical expansion, aggressive business development and product in-licensing activities, a focus on high quality sales and marketing implementation, and a new world class supply chain initiative.

iNova’s Sydney manufacturing capacity will also receive a major boost later this year with a significant A$2.2 million investment in additional equipment that will allow 50% more product to be provided for domestic and export sales.

iNova Board Chairman and Ironbridge Capital Managing Partner, Paul Evans, said, “The focus is very much on leveraging new opportunities in the Asia Pacific and African regions to generate sustainable value that benefits iNova and its stakeholders.”

“A diversified approach that manages the investment lifecycle, supported by flexible infrastructure and expansion of business partnerships and alliances, will be key to iNova’s success in driving future growth that will be realised as shareholder value.”

CEO Andrew Howden explains, “Product acquisitions and in-licensing initiatives are paramount to iNova’s future development and growth in bringing patients and consumers additional value, alongside expanding our core business within the Asia-Pacific. We have solid enterprises in South East Asia and we have well developed plans for our own China entry very soon.”

“Fundamental to our operations is the ability to implement with speed and simplicity and, importantly, to adapt our business practices effectively when external regulatory and economic changes happen.”

“The environment is changing, and iNova is positioned well to be able to react quickly. We are not burdened by old, heavy systems and practices. We can evolve the company to fit the future rather than the past. For us we see that the glass is half full”, he said.

iNova’s solid position as a business with revenues of AU$150 million follows a complex and challenging transition to being an independent company. This was undertaken in less than 2 years following the company’s acquisition by Australian private equity firms Archer Capital and Ironbridge Capital.

iNova has leading consumer healthcare and prescription brands in over 15 countries in the Asia Pacific and Southern Africa regions via a broad spectrum of capabilities involving the company’s dedicated business units and business partners. iNova’s product portfolio includes drugs in the pain relief, allergy, dermatology, cardiology, respiratory, sexual health and weight management.

For media enquiries contact:
Athena Kolivos +61 2 98756366

# # #

About iNova Pharmaceuticals:
iNova Pharmaceuticals is a Sydney based pharmaceutical company with a diverse consumer healthcare and specialty prescription portfolio that is extending product brands into new and existing markets.

Borne out of more than 50 years heritage from Riker Laboratories and 3M Pharmaceuticals following the November 2006 purchase of 3M’s Asia-Pacific pharmaceutical business by Australian private equity firms Archer Capital and Ironbridge Capital, iNova currently employs over 350 people and has a wide range of capabilities.

These include in-licensing, developing and acquiring products, alongside manufacturing, quality and regulatory processes. In particular, an established sales and marketing infrastructure in the Asia Pacific and African region enables iNova to co-ordinate market leading brands via the company’s independent business units in Singapore, Malaysia, Thailand, Philippines, Hong Kong, Taiwan and South Africa.

iNova's flexible business model also allows the company to enter various partnerships and successfully export to countries such as Japan, Korea and China. With its flexibility, established infrastructure and proven track record, iNova is an attractive licensing partner for companies planning to enter the Asia-Pacific and Southern Africa regions.

Fundamental to strengthening iNova’s product pipeline will be new opportunities that bring patient and consumer value, in selected therapy areas.

For further information visit www.inovapharma.com

iNova shows off its new leaders

DURO-TUSS ™

Difflam ™

Allergy A to ZEP