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Pharmstandard to buy into Latvian pharmaceutical company
Pharmstandard is about to purchase an 11.3-percent stake in the Latvian pharmaceutical concern Grindex, the Russian company indicated in a statement today.
"The decision to buy a stake in Grindex is based on long-term reliable business relations between the two companies," head of Russia's third largest pharmaceutical company Igor Krylov commented on the deal.
In January 2008, Pharmstandard and Grindex entered into a long-term partnership agreement. Pharmstandard then launched exclusive sales and promotion of the Latvian company's drug in Russia.