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Updated at 7:02 am on 3 December 2012
Douglas Pharmaceuticals will remain in family hands.
The company canvassed the markets about a sale but it appears the offers proved unsatisfactory.
Douglas Pharmaceuticals' founder and managing director Sir Graeme Douglas says the company is best left in private ownership.
He says the company will bolster its export activities through the addition of experienced and qualified executives with an emphasis on emerging markets in Asia and Latin America.
Copyright © 2012, Radio New Zealand
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