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Russia's Pharmstandard plans London stock market listing
Pharmstandard, Russia's biggest pharmaceutical company, said it plans to sell its shares on the London Stock Exchange as part of an initial public offering (IPO) planned for the end of 2006.
The group, which has appointed Citigroup and UBS to handle the IPO, did not say how much it hopes to raise through the flotation. The company is planning to list global depository receipts in London, while ordinary shares will be listed on the Russian Trading System and the Moscow Interbank Currency Exchange.
Pharmstandard, which sells a range of branded generic drugs, said the move is designed to fund its future growth.
'We are now in a position to become the first Russian pharmaceutical company to access the international equity capital markets. From this position of strength we will aim to continue our growth based on the quality of our current portfolio, our promising pipeline of new products, and the expansion of our sales force,' Pharmstandard general director Igor Krylov said in a statement.
Pharmstandard had sales of 5.684 bln roubles (112 mln stg) and profit of 1.019 bln roubles (20 mln stg) in 2005.