A source at the Federal Anti-monopoly Service of Russia has revealed that one of the world’s largest pharmaceutical companies, Abbott Laboratories, has filed an application to acquire the NGO Petrovax Pharm. Abbott could become the first U.S. pharmaceutical company to own production facilities in Russia. According to experts, the size of the forthcoming acquisition is certain to place the deal among the top three in the history of the Russian pharmaceutical market.
Petrovax Pharm was founded in 1996 by a team of Russian flu-vaccine researchers, including Rem Petrov, Arkady Nekrasov, Natalya Puchkova, and Rakhim Khaitov. The current CEO, Professor Arkady Nekrasov, was awarded a government prize in 2002 for developing the drugs Grippol (an influenza vaccine) and Polyoxidonium (an immunomodulator). Both drugs are now part of the company’s portfolio.
In 2011, according to the research agency Pharmexpert, Petrovax Pharm’s turnover hit $98 million, placing it twelfth in the ratings of local manufacturers of pharmaceutical products. In 2008, a minority stake in the company was acquired by the European Bank for Reconstruction and Development (EBRD).
The buyer – Abbott Laboratories – secured ninth place in the 2011 ranking of largest pharmaceutical companies, with a turnover of $22.4 billion and total revenues reaching $38 billion. The group also produces medical equipment and employs more than 90,000 people in the United States.
Read more: Abbott Laboratories to buy production facilities in Russia | Russia Beyond The Headlines
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