EU approves joint venture of Fresenuis Kabi, Russia’s AFK Sistema

MOSCOW, Jun 19 (PRIME) -- The European Commission have approved creating a joint pharmaceutical venture between Russian multi-industry holding AFK Sistema and Germany’s pharmacy company Fresenuis Kabi, Bloomberg reported on Thursday.

In April, AFK Sistema signed an agreement on contributing 100% of its pharmaceutical unit Binnopharm into the joint venture with Fresenuis Kabi and Zenitko Finance Management, which is Binnopharm’s minority shareholder. The German company will focus all its business in Russia and the CIS in the venture.

Fresenuis Kabi will hold a 51% stake in the joint venture, while AFK Sistema and Zenitko will own 37% and 12% stakes respectively.

Now the deal is to be approved by the Russian Federal Antimonopoly Service and a government foreign investment commission.

End