Billionaire Dennis Bastas shops stake in $3b pharmaceutical empire

Melbourne billionaire Dennis Bastas is selling a stake in his DBG Group, which owns Australia’s largest generic drug manufacturer Arrotex as well as stakes in beauty brands such as MCoBeauty, Street Talk can reveal.

Bastas, who became the 100 per cent owner of DBG last year after buying out Canada’s Sherman family, has hired Goldman Sachs to shop a minority stake in the business. Sources said the investment bank had powered through meetings with potential buyers, including Canadian pension funds, in recent months and was looking to wrap up the sale process early next year.