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Russia's biggest drugmaker Pharmstandard to spin off OTC business
Pharmstandard, Russia's biggest drugmaker, today said that it will spin-off its branded over-the-counter (OTC) medicine business, which may be valued at around $2.5 billion, according to industry analysts.
The Moscow-based company said in a statement that it has ''decided to initiate necessary steps for a spin-off of company's branded over-the-counter business into a separate legal entity whose shares will be proportionally distributed among the shareholders of the company.''
Pharmstandard will hold a conference call tomorrow to clarify details of spin-off process and provide details later by an additional notice.
Moscow and London-listed Pharmstandard manufactures more than 250 pharmaceutical products including drugs for treatments of cardio-vascular diseases, diabetes, growth hormone deficiency, gastroenterological, neurological, contagious diseases, metabolic disorders, cancer and other diseases.