Pharmstandard and Millhouse to acquire stakes in Biocad

May 23, 2014 9:19 AM

OJSC Pharmstandard (“Pharmstandard”) and Millhouse LLC (“Millhouse”) yesterday announced plans to acquire stakes (individually) in Biocad Holding Ltd., the main shareholder in Russian biotechnological company CJSC Biocad (“Biocad”).

Biocad specializes in the development, production and promotion of original and generic drugs in the following therapeutic categories: urology, gynecology, dermatovenerology, oncology, hematology, autoimmune and infectious diseases. The company recently announced the Russian approval of biosimilar rituximab, AcellBia.

Under the terms of the deal, Pharmstandard will acquire 20% of Biocad Holding, while a Millhouse-affiliated entity will purchase a further 50% stake.

Pharmstandard plans to finance the acquisition with their own funds.

For a Millhouse-affiliated entity closure of the deal to purchase 50% stake of Biocad Holding Ltd. is subject to approval by the Federal Anti-Monopoly Service.

“Pharmstandard views the acquisition as an investment of strategic nature”, said Pharmstandard CEO Igor Krylov, adding that “the decision was preceded by an extensive and in-depth financial and legal due diligence process which demonstrated that the partnership would be beneficial to both companies”.

Millhouse and Pharmstandard have a successful track record of working together to develop leaders in the pharmaceutical market. The companies previously cooperated on the acquisitions of ICN Pharmaceuticals, Inc. and CJSC Masterlek, and on Pharmstandard’s initial public offering.

The remaining 30% of Biocad Holdings is controlled by Dmitri Morozov, CEO and founder of Biocad, who will continue to run the company together with his top-notch management team.

Source: Pharmstandard press release

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