Pharmstandard to Spin Off Unit, Buy Singapore's Bever for $630 Million
7/9/2013 8:27:06 AM
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Pharmstandard, Russia’s biggest pharmaceutical company, plans to spin off its business that makes branded, non-prescription drugs and agreed to buy Bever Pharmaceutical Pte Ltd. for $630 million. Shares in the over-the-counter drug unit will be distributed proportionally to Pharmstandard stockholders, the Moscow-based company said in a statement today. The company plans a conference call on July 10 to clarify details of the spinoff, Pharmstandard said. The drugmaker announced the purchase of Bever, based in Singapore, in a regulatory filing. Pharmstandard has been considering selling the over-the-counter unit, which may be valued at about $2.5 billion, people with knowledge of the matter said last month. Today’s announcement makes the prospect of a sale appear more likely, said Natalia Smirnova, a Moscow-based analyst for Deutsche Bank AG.
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