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Actavis expands presence in Russia
The purchase of a majority stake in the Russian manufacturing facility strengthens the company's position in the Russian generics market, the company said. Russia is one of the fastest growing markets in the generic industry with growth forecast at an annual rate of 15-17% during next five years.
The total commitment by Actavis is $60 million, of which $30 million will be made available for investment for ZiO Zdorovje's manufacturing site to introduce new products and create a platform for increased production and capacity.
ZiO Zdorovje produces 12 generic medicines and sells mainly to state medical institutions and through the Russian federal reimbursement program, providing a solid revenue base.
"We believe that the combination of our local manufacturing expertise with Actavis' extensive product portfolio will significantly enhance the growth prospects for both businesses and we are very excited about working together," said Vladimir Ageev, general director of ZiO Zdorovje.