Dennis Bastas, co-founder, chief executive and chairman of Arrotex Pharmaceuticals, prefers pre-empting a challenge to trying to exploit an opportunity.
His dotcom crash moment happened in 2000, when he’d been helping to run a recently ASX-listed micro cap called ISIS Communications that was burning through cash.
He went into business with a Greek family that owned one of that nation’s biggest generic drug manufacturers, and in 2003, Genepharm Australasia was born. It was listed on the ASX in June 2004 at 50¢ a share, with a market cap of just $38 million. Despite the changes, and delivery on sales, Ascent struggled: the share price tumbled to just 20¢ in 2009 as the pharmacy sector fell out of favour with investors. Kumar and Bastas bought out other shareholders at 40¢ a share and delisted the company.
Those who know Bastas say he has a great ability to break down complex ideas, is loyal and believes family – he has a wife and two daughters – is most important. Arrotex provides 33 per cent of all volume of drugs to the Pharmaceutical Benefits Scheme. Earnings in the past financial year were more than $150 million.Bastas is also chairman and controls 50 per cent of Juno Pharmaceuticals, which supplies hospitals with drugs used in oncology and surgery.
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