Bayer HealthCare joins with Medsintez to boost presence in Russia
German pharma and crop sciences major Bayer (BAYN: DE) announced this morning that it has entered into a strategic partnership with Russian drug manufacturers Medsintez to jointly manufacture and commercialize diagnostic imaging products as well as pharmaceuticals to treat infections and neural disorders. No financial terms of the accord have been disclosed.
Bayer joins a number of multinational drugmakers that are investing in Russia’s fast-growing pharmaceutical market, which has grown for a value of $6.6 billion in 2005 to $18.7 billion in 2011, and, according to industry expert GlobalData, growth will continue at a less staggering, yet still impressive, CAGR of 9.5% to reach $46.4 billion by the end of 2020 (The Pharma Letter July 21).
Will also cooperate on R&D
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