Actavis sells 51% stake in Russian subsidiary
Leading global generics drugmaker Actavis (NYSE: ACT) says that it sold its 51% stake in the Russian drug company Zio-Zdorovye to local pharma firm Farmeko.
Financial terms of the deal are not disclosed, however, according to sources close to the companies, it is in the range of $50 million-$60 million. Actavis also did not reveal the reason for its decision to sell the stake. Actavis acquired the holding in the Russian firm in 2006 for around 60 million euros ($82 million).
Zio-Zdorovye was the only production site for Actavis in Russia, which was used for packaging of some Actavis drugs for the Russian market. Actavis had previously viewed Russia as an important location of generics production.
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