AFK Sistema cleared to take over Russian drugmaker Veropharm
Shares in Russian companies 36.6 and Veropharm surged in Monday afternoon trading on the Moscow Stock Exchange on news the competition watchdog, the FAS, had cleared financial conglomerate AFK Sistema to buy up to 100% of drugmaker Veropharm, as had previously been mooted (The Pharma Letter November 6).
As of 2:51 pm Moscow time, shares in the debt ridden 36.6 pharmacy retail chain jumped 6.7%, while the stock of Russia’ third largest drugmaker Veropharm soared 9.7% compared with a 0.2% fall in the MICEX stock index.
According to RIA Novosti, Sistema could pay up to $326 million for 36.6's 51.8% stake in Veropharm, thus, with the FAS approval, if Sistema goes ahead and buys 100% of the drugmaker, the deal could be worth$253 million.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Generics
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze