Russia’s Pharmstandard, Millhouse close deal on buying Biocad

MOSCOW, Jul 24 (PRIME) -- Russia’s major pharmaceutical producer Pharmstandard and Millhouse, billionaire Roman Abramovich’s investment company, have closed a deal on acquiring stakes in biotechnology firm Boicad, the company said in a statement on Thursday.

Pharmstandard bought a 20% stake in the firm, while Millhouse acquired a 50% stake. The sum of the deal was not disclosed, but in May, Bloomberg reported citing a source with knowledge of the matter the Biocad was valued at as much as U.S. $1 billion.

Pharmstandard said that it used own assets for the purchase.

The remaining 30% of the firm’s shares will be held by its founder and CEO Dmitry Morozov. The firm’s management board, including the CEO, will keep their positions.

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