Radius Health Group agrees sale to Pharmacy Brands

Radius Health Group (RHGL) announced today it has entered into an arrangement to sell its shares in Radius Pharmacy Limited to the Pharmacybrands Group.

The agreement is conditional on a number of matters including the approval of Pharmacybrands’ shareholders and completion of finance arrangements. It is anticipated that a meeting of Pharmacybrands’ shareholders will be held in March 2011 with completion thereafter.

Andrew Nugent, chairman of Radius Pharmacy, says that the sale is a good result for the future of Radius Pharmacy. He says that having an owner committed to growing the business is critical. Leveraging synergies between both businesses should reap significant benefits by utilising the different strengths of both parties.

Murray Davies, chairman of RHGL, says, “This is a very positive development for everyone involved in Radius Pharmacy as the new owner will be able to drive its continued growth and secure its future.”

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About Radius Pharmacy:

Radius Pharmacy has 34 locations throughout New Zealand with approximately 450 staff, and is respected as a quality player in the pharmacy sector.