Biocad CEO says IPO of JV with Shanghai Pharmaceuticals possible

ST. PETERSBURG, Jun 7 (PRIME) -- A joint venture of Russian pharmaceutical company Biocad and China’s Shanghai Pharmaceuticals Holding may float shares at the Hong Kong Stock Exchange, Biocad CEO Dmitry Morozov told PRIME on Friday, a day after creation of the joint venture was announced.

The company will produce six medicines from monoclonal antibodies for the Chinese market.

The company is working on registration of medicines, and will start production localization after it reaches a certain amount of sales. China has large demand for pharmaceutical products, and prices for hi-tech drugs there are higher there than in Russia, Morozov said.

“We don’t simply expect to win a share of the Chinese market, we also expect our assets to grow from the point of capitalization. They (Shanghai Pharmaceuticals Holding) are in great demand on the Hong Kong market. We think and I hope that the joint venture will also be in demand in Hong Kong and have a status of a public company in some time,” he said.

Shanghai Pharmaceuticals will remain a controlling shareholder, while the rest will be open for potential shareholders and investors, he said.

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