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Pharmstandard shares recover, more tenders eyed

Shares in Russian drugmaker Pharmstandard  recovered after falling 4 percent as the company and analysts said the negative impact of a $117 million state tender loss was limited.

The company had hoped to continue supplying the state with cancer drug Velcade, made by Janssen-Cilag AB, a unit of Johnson & Johnson (JNJ.N), after its distribution helped boost sales last year. [ID:nLJ323644]

But a new, 3.5 billion rouble ($117.2 million) contract for March through December was awarded to its peer Irvin-2, which had offered to supply the drug at a cheaper price, Vedomosti business daily wrote.

Mikhail Terentiev, analyst at Nomura International, said the news was only mildly negative for Pharmstandard.

"Velcade distribution is not in our 2010E numbers, and we feel that most sell-side analysts also do not model such revenues until a deal is concluded and announced, and earnings downgrades on this news are highly unlikely," he said in a note.

Pharmstandard's London-listed stock fell 4 percent on the news, but later corrected to trade flat at $19.3.

"We indeed did not win this tender but we believe it will not have a negative effect this year as we have already won some other distribution contracts," Pharmstandard's spokesman Ilya Krylov said.

He could not provide the value of the contracts signed.

($1=29.86 Rouble)


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