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Russia's Pharmsynthez says to raise $16 mln in IPO

Russian pharmaceutical company Pharmsynthez plans to raise 500 million roubles ($16.28 million) in a stock market float this November, delivering a rare boost to the country's flagging IPO market.

The company said on Monday it would use the raised funds to build a new production plant in St. Petersburg and make strategic acquisitions overseas.

"There is enormous potential for growth in innovative medicine production in Russia, and Pharmsynthez is extremely well placed to capitalise on that growth," Chief Executive and 25 percent owner Dmitry Genkin said in a statement.

A source familiar with the deal added that around a 30 percent stake in the group could be floated in the IPO.

Russian companies were expected to make it a bumper year for IPOs after aluminium giant UC RUSAL (0486.HK: Quote) raised over $2 billion in Hong Kong in January, but market uncertainty has caused many potential candidates to cancel or postpone their plans. [ID:nLDE66S1DZ]

Russian President Dmitry Medvedev has put the pharmaceutical industry at the heart of his quest to modernise the economy away from oil & gas, launching measures to cut down on imported medicines and boost local production. [ID:nLDE6570W4]

Pharmsynthez more than doubled first half revenue to 130.8 million roubles from 62.7 million in H1 2009. The bookrunner for its IPO is Russian broker CJSC Alor Invest. (Reporting by John Bowker, Editing by Lidia Kelly, Mike Nesbit) ($1=30.71 roubles)

Source:  Reuters

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