Abbott plans to establish global oncology business in Russia

US drugmaker Abbott (NYSE: AB) plans to start exports of the drugs which are produced by its Russian Veropharm subsidiary, one of Russia’s largest drugmakers, according to Michael Vormuth, executive vice president of the company.

As part of the company’s plans is also the establishment of a global oncology business on the basis of Veropharm, reports The Pharma Letter’s local correspondent.

Last year, Abbott acquired Garden Hills, the holding company that owned a controlling interest in Veropharm, for between 13.6 billion roubles and 17 billion roubles (or a range of about $395 million to $495 million at then exchange rates) depending on Garden Hills' share ownership of Veropharm at the time of close (The Pharma Letter June 24, 2014).