18 May 2010 18:38

Gedeon Richter boosts stake in Protek to 5.6%

MOSCOW. May 18 (Interfax) - Hungarian pharmaceutical concern Gedeon Richter boosted its stake in Russian pharmaceutical concern Protek to 5.6079% in Protek's IPO, from 4% previously, the Russian company said in a statement.

Protek charter capital is split into 470 million shares, each with par value of 0.1 rubles. Thus, Gedeon Richter purchased about 7.5 million shares totaling roughly $26 million.

Protek placed 114.286 million shares in April at $3.5 each on the RTS and MICEX exchanges, raising about $400 million.

Protek began a private placement of shares in favor of Cyprus-registered Tantarra Holdings Limited and Gedeon Richter on May 6. It placed 117.5 million shares at $3.29 each (6% less than in the IPO).

Following the IPO and the private placement, Protek's market capitalization was about $1.845 billion. The free float is about 20.2%.

The Protek group includes Russia's largest wholesale pharmaceutical distributor, the Rigla pharmacy chain, Russia's second largest by sales, and four production companies, including Soteks.