Nedlands-based pharmaceutical company PharmAust Ltd was named the fastest growing Australian company in the Biotechnology / Pharmaceutical category over the last three years at the Deloitte Technology Fast 500 Asia Pacific 2006 Awards.
Nedlands-based pharmaceutical company PharmAust Ltd was named the fastest growing Australian company in theBiotechnology/Pharmaceutical category over the last three years at the Deloitte Technology Fast 500 Asia Pacific 2006 Awards.
At the Awards ceremony in Hong Kong yesterday, PharmAust was recognised as the 16th fastest growing technology company in the Asia Pacific.
The company recently announced it would take a 39.5 per cent stake in Nasdaq-listed US-based Commonwealth Biotechnologies Inc in exchange for its discovery chemistry subsidiary, Mimotopes Pty Ltd.
PharmAust managing director Paul D'Sylva will become CEO of Commonwealth as a result of the deal.
PharmAust is currently trading at 13 cents.
Below is the full announcement:
PharmAust Ltd recently recognised as the 6th fastest growing technology company in Australia at the 2006 Deloitte Technology Fast 50 Awards in Sydney, has collected 16th place at the Deloitte Technology Fast 500 Asia Pacific 2006 Awards.
At the Awards ceremony in Hong Kong yesterday, PharmAust was named the fastest growing Australian company in the Biotechnology/Pharmaceutical category over the last three years.
PharmAust Managing Director Dr Paul D'Sylva said: "This award demonstrates that PharmAust has become a globally competitive company and confirms that it is an emerging leader in both the domestic and international pharmaceutical industries. This is a huge acknowledgement of how much PharmAust has achieved in a relatively short period."
According to Deloitte's latest ranking of fast growing technology companies, the Asia Pacific tech sector is in very robust shape with an averaged three-year revenue growth of 399%.
Deloitte's Technology, Media & Telecommunications Industry Group global managing partner Igal Brightman said: "The 2006 rankings show that tech companies in Asia Pacific continue to achieve phenomenal success despite increased competition."
The top five companies recorded growth rates ranging from 5,021% to 8,350%.
"This year Australia leads the pack, with three companies ranked in the top five and seven in the top 20," Mr Brightman said.
The Deloitte Technology Fast 500 Asia Pacific program recognises technology companies that have achieved the fastest rates of annual revenue growth in the Asia Pacific during the past three years.
It includes companies based in Australia, China, Hong Kong SAR, India, Indonesia, Japan, Macau SAR, Malaysia, Philippines, New Zealand, Singapore, South Korea, Taiwan, Thailand and Vietnam.
The program is supported by the Deloitte Technology Fast 50 initiatives, which rank high growth technology companies by location or a specifically defined geographic area.
PharmAust was established to target the two fastest growing segments of the pharmaceutical market - generic pharmaceuticals and outsourced drug discovery services.
The generics market in Australia is currently estimated to be worth $1.2 billion and is expected to grow at a compound annual rate of 20 per cent until the end of the decade.
The rapidly growing market for drug discovery outsourcing services is expected to increase 15% to reach $9.3 billion by 2009.
