Interros selling 100% of Petrovax to management, Vardanyan and Broitman's VB Partners
MOSCOW. Oct 3 (Interfax) - Vladimir Potanin's Interros is selling its pharmaceutical asset, Petrovax Pharm, to the company's management, headed by its president Mikhail Tsyferov, and investment company VB Partners, one of the co-founders of which is Ruben Vardanyan.
Interros is withdrawing completely from the Petrovax business, Interros said on Monday. The parties did not disclose the value and structure of the deal.
The deal is being financed with own and borrowed funds from a consortium of banks.
The exit from Petrovax's capital is a logical step as the company has fulfilled its mission, Interros CEO Sergey Batekhin said. For 9 years, Interros has developed a strategy for Petrovax and invested in the production of a wide range of products, he explained.
Interros' strategy envisages investments in projects where the group can make a significant contribution and give a new impetus to the business. Over 8 years of cooperation, Interros' expertise has helped the company to create a new company structure, add professional managers to the team, and define a new business development strategy. During the last year, large-scale investments were made to produce a wide range of new drugs. Now a new stage of development is coming for Petrovax - the stage of organic growth. "Interros as an investor considers its mission accomplished. I am sure that the new shareholders will lead the company to further success," Batekhin said.
Tsyferov, who has been head of Petrovax since 2018, will fully focus on managing the company after the deal, leaving other positions.
"We are grateful to Interros for its expertise and contribution to the development of the company, which has undergone a significant transformation and managed to occupy new niches in the pharmaceutical markets not only in Russia, but also abroad. The asset buyout is the next logical step in the development: the new shareholder structure will allow the company to continue to grow and provide comfort for all stakeholders," Tsyferov said.
The participation of investment company VB Partners in the deal will facilitate the realization of Petrovax's potential, according to Interros. The company's strategy is aimed at creating and investing in sustainable businesses with a clear business model and efficient management - which fully reflects the vision of both the Petrovax team and the selling party, the statement said.
"We are pleased that Petrovax Pharm has taken its place in our portfolio of assets. As supporters of impact investments, it was logical for us to take part in this transaction. The company's clear strategy, professional management team and high potential in the Russian pharmaceutical industry will enable Petrovax to grow and be profitable in the mid-term", VB Partners co-founder Mikhail Broitman said.
Petrovax's product portfolio includes its own original drugs, localized medicines and vaccines, as well as generic drugs and biologically active supplements. The company has its own R&D center and R&D investment program, and holds patents in Russia and abroad for molecules and production technologies. Petrovax is Russia's largest exporter of original medicines and vaccines, exporting to 12 EAEU and EU countries. Leading international pharmaceutical companies Pfizer, Abbott, Boehringer Ingelheim, and ISU ABXIS are among Petrovax partners.
Petrovax's investment strategy is aimed at the development, production and import substitution of drugs used to treat socially significant diseases, such as cancers, autoimmune diseases, infectious and orphan diseases.
Vardanian, Broitman & Partners (VB Partners), founded in 2013, is engaged in structuring transactions, raising investments, direct asset management, and arranging club deals to invest in projects in traditional and emerging industries. Total assets under management exceed $1.5 billion, according to information on the company's website. VB Partners invests money from shareholders, partners and outside investors.