15 August 2007, Moscow. Solvay Pharma S.A.S., France, (“Solvay”), affiliate of Solvay Pharmaceuticals, and Pharmstandard-Tomskhimpharm JSC, subsidiary of JSC Pharmstandard, Russia, (“Pharmstandard”) announce the signing of a Product License and Manufacturing Agreement (“Agreement”).
Summary of the Agreement:
· Solvay and Pharmstandard has signed the agreement on manufacturing two pharmaceutical products Imudon® and IRS 19® in Russia.
· Phase I of the Agreement includes import of the compounds purchased from Solvay in France and formulation, tabletting and packaging for Imudon® and the formulation, filling and packaging for IRS 19® by Pharmstandard on its facilities. Solvay will continue to market IRS19 and Imudon.
· Phase II of the Agreement launches manufacturing of the products compounds at Pharmstandard. Decision on execution of Phase II is to be made in due time.
· Pharmstandard has the right to purchase from Solvay the intellectual property rights, the process, the know-how and the trademarks of the products. The option can be executed after the implementation of Phase II.
Commenting on today’s announcement, Igor Krylov, CEO of Pharmstandard said:
“Cooperation with Solvay Pharma on this agreement gives us opportunity to widen our manufacturing potentialities, build new expertise and develop brand portfolio. From financial point of view we insure our investments in production site by agreed purchase volume. I believe our partnership is both growth driving and profitable.”
“Transfer of the production process of original products to Pharmstandart facilities in Russia will let Solvay Pharma make our contribution to development of the Russian pharmaceutical industry as well as to provide Russian patients and doctors with domestically produced original products” – said Leonid Parshenkov, General Manager of Solvay Pharma Russia.
| Back | Print out |
