Russia's leading drugmaker Pharmstandard may speed expansion this year

Russian millionaire Viktor Kharitonin has consolidated the 100% stake in Pharmstandard, one of Russia’s largest drugmakers and one of the largest suppliers of drugs for state purchases, according to the company, reports The Pharma Letter’s local correspondent.

A long-time partner of Kharitonin, Yegor Kulkov resigned from the list of shareholders of the company through the sale of its stake to Mr Kharitonin. The reasons for the decision are not disclosed. The value of the 30% stake, owned by Mr Kulkov in Pharmstandard, is reportedly estimated at 16 billion roubles ($275 million).

Russian pharmaceutical business analysts believe Mr Kulkov’s decision to sell his stake in Pharmstandard may be related with the latest reports of the weakening positions of Pharmstandard in the segment of public procurements in Russia and the loss of administrative resources.