Another biomedical acquisition of Rusnano
Rusnano and Domain Associates invest in medical innovation technologies
Rusnano OJSC and Domain Associates LLC announce the creation of a joint project aimed at the development of the Russian healthcare market.
Domain Associates LLC is one of the most recognized management companies of venture funds specialized in the field of medical projects. During its existence, more than 230 projects have been created and financed. Currently, Domain manages assets worth $2.5 billion, and the investment portfolio consists of 80 companies.
Rusnano and Domain Associates signed an investment agreement under which the transfer of modern medical technologies will be carried out and GMP production in Russia will be established for the production of a number of innovative medicines, including antitumor and antiviral agents, as well as drugs for the treatment of cardiovascular diseases.
The total budget of the project is $760 million, including co-financing of Rusnano in the amount of $380 million. The parties plan to invest in more than 20 American biotech companies that develop innovative tools in such areas as pharmaceuticals, biotechnologies, and medical devices. For the production of these products in Russia, production will be built in accordance with GMP standards. Exclusive rights to release and sell these products in Russia and CIS countries will be transferred to the joint venture Rusnano and Domain Associates.
The project involves investments mainly in those companies whose products are in the late stages of research or in the process of registration.
"Projects in the field of medicine currently account for about 20% of Rusnano's portfolio. We are actively working to create conditions for the development of innovative technologies in the field of medicine in Russia. Our country should have the capacity to develop and produce the most modern medical products. I am absolutely sure that this project will make a significant contribution to the development of the innovative component of the pharmaceutical industry in Russia," said Anatoly Chubais, Chairman of the Management Board of Rusnano.
"For production in Russia, we offer modern innovative products that are in the late stages of clinical trials or in the process of registration," said Brian Dovey, a member of the Board of Directors of Domain Associates.
To develop the project, the parties involved the management company "Tim Drive".
The company "Tim Drive" was established in 2011 by a team of professional managers with successful experience in the effective management of large companies. The founders of the company are Leonid Melamed (previously President of AFK Sistema, CEO of MTS OJSC) and Vladimir Gurdus (previously President of Medsi Group of Companies CJSC). Tim Drive specializes in the field of progressive management – the practical implementation on behalf of clients of management strategies aimed at a rapid and significant increase in the value of their companies or the creation of maximum value when launching new projects.
"The implementation of such a project will significantly reduce the time for the appearance of new medicines in Russia. For Russian consumers, this means that they will be able to receive the most modern medicines simultaneously with their "world premieres," Leonid Melamed, Chairman of the Board of Directors of Tim Drive, stressed, "This is also a big step forward in the formation of effective technologies for venture investment in pharmaceuticals in Russia. We will do everything possible to meet the expectations of shareholders associated with this promising project."
Portal "Eternal youth" http://vechnayamolodost.ru based on the materials of the Rusnano press center.
07.03.2012