Russia's Veropharma a Target of $636 Million Buyout?
11/12/2012 11:23:57 AM
Shares in Russian pharmaceutical companies 36.6 and Veropharm surged in Monday afternoon trading on the Moscow Stock Exchange on news the competition watchdog had cleared Sistema conglomerate to buy up to 100 percent of Veropharm. As of 2:51 p.m. Moscow time (11:51 a.m. GMT), shares in the 36.6 pharmacy retail chain jumped 6.7 percent while the stock of Russia’ third largest drugmaker Veropharm soared 9.7 percent compared with a 0.2 percent fall in the MICEX stock index. The Federal anti-Monopoly Service announced on Monday it had allowed Sistema, a diversified holding company with interest ranging from oil to communications to buy up to 100 percent of the voting stock of Veropharm. “The Federal Anti-Monopoly Service had made a decision to meet this petition [from Sistema] and simultaneously issue prescriptions to both Sistema and Veropharm to accomplish measures aimed at ensuring competition. This decision is effective only in conjunction with these prescriptions,” the watchdog said in a statement.