Life Pharmacy names new chief

Chemist chain Life Pharmacy has appointed the head of its Pharmacybrands operation, Alan Wham, chief executive.

The head of Pharmacybrands for the past five years, Wham had merged the Unichem and Amcal operations and overseen Pharmacybrands' franchise business, Life Pharmacy chief executive Peter Merton said.

Wham previously worked in pharmaceutical businesses in the Asia Pacific and African regions, and in the United Kingdom and New Zealand for 15 years with 3M.

As New Zealand's only listed pharmacy chain, Life Pharmacy committed to buying Pharmacybrands this month.

The September 7 offer valued Pharmacybrands at about $20 million, or $19.55 a Pharmacybrands share, and Life Pharmacy at around $36.2 million.

An independent report by Simmons Corporate Finance concluded the offer was between 3 per cent and 35 per cent above its valuation range.

"We are confident Alan will successfully integrate the two organisations realising the cost synergies in the process and continue to drive growth and profitability for Life Pharmacy," Merton said.

- NZPA