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Pharmaceutical Holding to Get Foreign Aid
Shares of not-yet-created company are offered to Novartis, Pfizer and Sanofi-Aventis. A holding which will unite the state assets in pharmaceutical industry will be created by December 1, according to the project documents for forming Russian Pharmaceutical Technologies company. The cost of state shares in five pharmaceutical factories and nine R&D institutes, which will be handed over to the new company, is estimated at $250-300 million. Foreign pharmaceutical producers will be able to buy out almost 50 percent of the new venture.
The project for creating Russian Pharmaceutical Technologies (RFT) holding will be considered by the government in late March - early April 2007. RFT is to be formed by December 1, 2007.
Its registered capital will include 100 percent of Moskhimfarmpreparaty Moscow factory, Kaliningrad pharmaceutical factory, R&D institute for medical industry, All-Russia research center for safety of biologically active elements, R&D institute for vitamins, R&D for biosyntheses of protein substances, Belgorod R&D for medical industry technologies, and 55.5 percent of Altai pharmaceutical factory Vostokvit.
At first, RFT’s assets will cost about $250-300 million. By 2011, however, it should increase to $1.5-2 billion, by means of introducing original Russia-produced medications for curing cardiovascular diseases, tuberculosis, diabetes, blood diseases, etc.
Another way to increse the new company’s capitalization is to attract foreign investors. The project says that after RFT is created, several additional issues of shares will be carried out, reducing the state’s share to 50 percent plus one stock. Additional shares will be offered to private investors, including foreign pharmaceutical companies. Preliminary negotiations have already been held with Swiss Novartis, US Pfizer, and French Sanofi-Aventis.