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AFT Pharmaceuticals: Building innovative treatments at scale for global impact

In a competitive and highly regulated industry, AFT Pharmaceuticals has invested in long-term research, development, and innovation to improve treatment options for patients.

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AFT Pharmaceuticals was founded on the belief that effective healthcare treatments should exist for people, even when conditions are complex or markets are small.

From innovation in non-opioid pain relief, such as Maxigesic, to therapies for underserved conditions, the company has consistently invested in solutions where treatment options are limited.

These beliefs have taken AFT far beyond its garage-beginnings in 1997. Today, the business operates in more than 80 countries, is listed on the NZX and ASX, and generates over NZ$200 million in annual revenue.

Building a pharmaceutical business at that scale requires patience, sustained investment, and careful choices about where to focus time, effort, and capital.

Hartley Atkinson, founder and CEO of AFT Pharmaceuticals, says progress in the sector is rarely linear.

Growing through complexity

As AFT expanded internationally, it invested heavily in research and development while navigating complex regulatory requirements across multiple markets. There were times when profitability dipped as capital was reinvested into growth, but the core business continued to strengthen.

BNZ Relationship Manager Geoff Stewart has worked with AFT for more than 16 years, seeing the business move through different phases of growth.

Choosing the right funding at the right time

As AFT accelerated its international expansion, the business needed funding that could open doors and allow it to move at pace. At that stage of the journey, capital from the United States provided the flexibility AFT needed.

For Hartley, the decision was always intentional and time-bound. Offshore funding supported the business through a key point in time, while keeping future options open.

Bringing growth back home

As the business matured and its international operations became more established, AFT was able to reassess how its growth was funded.

Working closely with BNZ, the business structured a refinancing solution supported by the New Zealand Export Credit Office. This allowed offshore debt to be replaced with New Zealand-based banking that better reflected AFT’s scale, performance, and long-term plans.

The new local funding model also supported its development as a listed company while maintaining founder ownership. Hartley describes this as an important consideration.

Looking ahead with confidence

AFT continues to grow through a mix of in-house development, licensing, and targeted acquisitions. Its ongoing work on treatments for conditions with limited or no existing options reflects the same mindset that shaped the business from the beginning.

“We reinvest profits back into research and development because there are still conditions with no good treatments,” Hartley says. “That is something our team genuinely cares about.”

With strong momentum, increasing global reach, and a funding structure designed to support long-term growth, AFT is now focused on its continued expansion.

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This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.