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Polpharma has acquired a strategic stake in Akrihin from Health Tech Corporation
Health Tech Corporation (HTC), an international holding announces the sale of strategic stake in the Russian pharmaceutical company JSC“Akrihin” to the Polish pharmaceutical company Polpharma.
The HTC has completed its mission of a financial investor in Akrihin, and is planning to direct the funds received from sale of Akrihin to carry out other investment projects.
“In course of the past two years HTC has restructured the Akrihin business, and has improved the company’s marketing, - says Vahagn Manukyan the Managing Director of HTC.- As a result of that the company has become attractive for a strategic investor. We are convinced that Polpharma will be able to benefit from integrating Akrihin’s production and marketing, and that will contribute to the companies’ capitalization”.
At the same time the takeover of Akrihin stake will become the major step for Polpharma in their expansion into Russian market.
Stephen Stead, Polpharma’s CEO, says: «Russia is a key important market for Polpharma international strategy, today’s transaction is a very important step in developing its operations on the Russian market. Polpharma has become a strategic investor in Akrihin, and is willing to increase its engagement in Akrihin in future».
The sum of the transaction was not disclosed. It is expected that the transaction will be completed during the first quarter of 2007.
Akrihin is located in Moscow Region. It is one of the five biggest Russian pharmaceutical companies, manufacturing more than 150 products in all major pharmaceutical groups, in particular, preparations for heart diseases, diabetes, tuberculosis. Turnover of the company in 2006 reached more than 60 million USD.
For further information contact:
Maxim Kiselev, Director of Corporate Communications HTC,
Holding Health Tech Corporation was registered in Guernsey (the Channel Islands) in 2001. Companies of the Group are working in many countries around the world on the market of biotechnology products for health and healthy lifestyles. HTC has an office in Moscow.
The Holding HTC includes, in addition to Akrihin JSC, the company for the production and distribution of products for health and beauty called Vision International People Group Public Ltd. (Cyprus), company for the production of juices and beverages - Aqua Vision (Russia), a factory producing herbal teas - Svencioniu Vaistazoles (Lithuania), fitness and entertainment complex - Forum Palace (Lithuania). In the end of 2004 HTC has acquired 80,36% in Akrihin.
Polpharma company, founded in 1935, located in Starogard Gdanski, Poland. Specializes in production of branded generics. The expert in the production of cardiovascular, gastroenterological and neurological drugs. It produces a wide range of OTC drugs. The leader of Polish pharmaceutical market in volume (10,5% share) and the second in respect to value (No 1 – GSK). It is the largest in Poland producer of pharmaceutical substances. Polpharma exports its products to more than 50 countries around the world. It has representative offices in Russia, Lithuania, Ukraine, as well as in Kazakhstan. The annual turnover of Polpharma exceeds 350 million USD.