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news.Russian state technology firm Rusnano and Domain Associates have signed a $760m investment agreement under which they will jointly establish a pharmaceutical and medical device manufacturing facility in Russia for the production of advanced therapeutic products.
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The joint venture will manage advanced-stage clinical trials in Russia of new pharmaceuticals and other products that will support regulatory approval of these products in Russia, the US and other markets.
Domain partner Brian Dovey said the collaboration with Rusnano will enhance the modernization efforts of the Russian pharmaceutical and medical technology industry.
Team Drive, a management company led by former Sistema and MTS CEO Leonid Melamed, is also engaged to develop the project.
Rusnano’s aim is to develop the Russian nanotechnology industry through co-investment in nanotechnology projects with substantial economic potential or social benefit.