RIA Panda to invest 48 million euros in large-scale drug production in Russia

RIA Panda, one of Russia’s leading drugmakers, has announced plans to invest up to 48 million euros ($51 million) in the building of a large-scale production facility in the Gatchina district of Russia’s St Petersburg region.

According to the company’s plans, the plant will specialize on the production of its own range, as well as products from some foreign drugmakers under the terms of contract manufacturing. An official spokesman of RIA Panda said that the company has reached preliminary agreements with some foreign drugmakers. The plant will have the capacity to produce up to 960 million tablets per year.

50% of funds for the project have already been allocated by the company from its own sources, while the remaining was provided by Czech UniCredit Bank in the form of a loan.