Sistema may expand pharmaceuticals business through Veropharm

According to Russian business daily Vedomosti (2 November 2012), AFK Sistema may expand its presence in the pharmaceuticals sector, adding to its ownership of pharmaceuticals manufacturer Binnopharm, through the acquisition of 51.8 per cent of Veropharm from the shareholders in pharmacy chain 36.6 for up to RUB 5.7 billion (approximately GBP 110 million).

According to DSM Group, Veropharm is Russia’s third largest pharmaceuticals manufacturer, with reeves rising 0.4 per cent in the first half of 2012 to RUB 3.12 billion, while net profits contracted 11 per cent to RUB 782.6 million and financial debts amounted to RUB 1.6 billion.

The deal, if it proceeds, should enable 36.5 to cut debts significantly.

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