New joint venture for Advance Healthcare
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Tuesday, 17 May, 2005 - 22:00
PERTH-based pharmaceutical company Advance Healthcare Group has announced a joint venture heads of agreement with the ePharmacy, My Chemist and Chemist Warehouse group, designed to enhance the web-based and mail order assets of the joint venture parties.
The arrangement, which will not draw on Advance for funding, makes provisions for Advance to own 20 per cent of the expanded group and a board seat on the new corporate entity.
The new corporate structure will be called ePharmacy and is expected to turn over $8 million per annum following the merger.
ePharmacy currently serves Australian customers via the internet and mail order, together with the My Chemist-Chemist Warehouse group, which is a national independent pharmacy group.