Pharmstandard spin-off to be listed in Q1 2014
MOSCOW. Oct 22 (Interfax) - OTC pharmaceuticals company OJSC OTCPharm, which was spun out of OJSC Pharmstandard , may be listed on the Russian exchange in the first quarter of 2014, Irina Bakhturina, Pharmstandard investment funds manager and member of the new company's board, told Interfax.
"We will do Russian listing. As to GDR - that is difficult now, because we still do not know why we need it. If there is a need, then we will do it," she said.
OTCPharm plans to complete its registration at the end of November and it will start operating in March.
The shareholders in Pharmstandard approved at a September 27 EGM s decision to spin off the company's over-the-counter product business into OJSC OTCPharm.
The Central Bank's Financial Markets Service registered a share issue by the new company on October 17.
OTCPharm's charter capital will be 15.117 million rubles split into 151.17 million ordinary shares with par value of ten kopecks. The stock in the new company will be distributed among the parent company's shareholders, and the issuing of GDR is planned for later on. The stock is to be placed on the Moscow Exchange .
OTCPharm will receive from Pharmstandard the rights to 63 trademarks and five patents. The new enterprise will get contracts for the production of medicaments at the parent company's facilities and for the delivery of raw material, and agreements with distributors.
CJSC Vindekspharm (which has the rights to the Acipol brand), Donelle Company, Ltd. (Afobazole), and Bever Pharmaceutical (long-term contracts with the maker of ingredients for Arbidol and Afobazole) will be part of OTCPharm. The balance sheet value of the company is 22.5 million rubles.
The 54.31% controlling stake in Pharmstandard belongs to Augment Investments, Ltd., the beneficiaries of which are Viktor Kharitonin and Yegor Kulkov. OJSC Bristley Enterprises, Ltd., owned by member of the Pharmstandard board of directors Alexander Shuster, owns 18.74% of the company's charter capital. The rest of the stock is in free float.