Further details of the new venture are awaited, although the company conveyed that it will call a shareholder meeting in accordance with legislation of Russian Federation and with the company’s Charter.
Most recently, the company was mulling to divest its $2.5bn OTC business, and the proposed acquirer will have the opportunity to exploit the country’s growing market.
The launch of OTC business will allow Pharmstandard to concentrate on its prescription medicines, whose revenues increased by 33% to about $181.6m in 2012, as reported by Reuters.
The OTC segment revenues declined by 4.5% to $453.8m year-over-year.
In a separate release, the company said that it has inked an agreement to acquire 100% of Singapore-based company Bever Pharmaceutical in a deal valued at $630m.