EBRD to sell stake in Russia\'s NPO Petrovax
The sale is currently being assessed by the Russian federal anti-monopoly service
The European Bank for Reconstruction & Development (EBRD) will sell its stake in Russian vaccine producer NPO Petrovax.
The bank made a €15m equity investment in the country in 2008, having lent it US$25m in 2004 to finance the development of a modern plant in Pokrov, near Moscow. This has been successful, with its scientists synthetising a new class of polymers which sparked the development of the immunomodulator Polyoxidonium.
NPO Petrovax is now seeking to sell control to Russia’s Interros, one of the country’s largest private investment groups, a deal which involves the EBRD divesting its stake.
The EBRD said the sale is currently being assessed by Russia’s federal anti-monopoly service (FAS) and that the financial details are being kept under wraps. Two scientists developing the new polymer, Arkady Nekrasov and Natalya Puchkova, will retain shares and continue to be managers of Petrovax.
Noting that the company had been the first Russian vaccine manufacturer to meet international good manufacturing practices, the EBRD said it was 'proud that during its nine-year partnership it had helped Petrovax build a world-class facility…'
The bank also welcomed the company’s establishment of long-term business links with global pharma companies who had 'recognised [Petrovax’s] major scientific contribution'.
