Fresenius Kabi signs joint venture with Russia's Binnopharm

Germany-based health care group Fresenius Kabi is entering into a joint venture with Russia’s Sistema JSFC and Zenitco Finance Management of which it will own 51%. Financial terms were not disclosed.

The joint venture combines Fresenius’ Russian and CIS business with Sistema’s subsidiary CJSC Binnopharm, with a minority stake owned by Zenitco. Binnopharm, based in Moscow, has two manufacturing facilities and more than 350 employees with 2013 sales of $104 million.

A Fresenius statement said: “The joint venture is an excellent platform for further growth in Russia and the CIS states. In addition, it provides domestic manufacturing capacity.”