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A pill from VEB

5 october 2015 года
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Vedomosti
Moscow, October 5, 2015
Anastasia Demidova

Vnesheconombank (VEB) reported that it would extend a credit worth 14.6 billion rubles to pharma company R-Pharm. A credit agreement was signed at the International Investment Form in Sochi on October 2, in the presence of Prime Minister Dmitry Medvedev. According to VEB, funds are to be used for the construction of a pharm-substances plant in Rostov the Great and the second stage of the finished pharmaceutical products plant in Yaroslavl. Moreover, a part of the credit is to be used to complete R&D work on seven original medications of R-Pharm, the state corporation reported.

According to VEB, investments in all projects of R-Pharm amount to 19.7 billion rubles. Out of them, 5 billion rubles are to be invested by the by company; VEB Chairman Vladimir Dmitriev was cited by TASS as saying. 9 billion rubles out of the credit amount are to be invested in research and development, he said.

VEB does not disclose the terms of extending the credit. R-Pharm’s representative declined to comment.

Who will get the money?

R-Pharm is involved in developing, manufacturing and distributing pharmaceuticals. The company is owned by its Board Chairman Alexei Repik. It has three functioning plants in Russia, with one plant being under construction. There are three subsidiaries in Turkey (a plant is also under construction here), and a plant bought from Pfizer in Germany. In 2014, CJSC R-Pharm’s earnings amounted to 55.9 billion rubles and its net profit was 7.7 billion rubles (data by SPARK-Interfax).

An issue of opening a credit line for R-Pharm to fund these projects was discussed at a meeting of VEB’s Supervisory Board (Dmitry Medvedev heads it) on September 24, as it follows from the transcript at the Government site. Providing support for R-Pharm’s projects will be highly instrumental in developing our own pharmaceutical sector in Russia, creating high-tech production facilities, new jobs and of course saturating the market, explained Mr. Medvedev at the time. “The money is provided as part of project finance, the Government site said.

In August of 2015, R-Pharm already received 500 million rubles worth of credit from the Industry Development Fund of the Industry and Trade Ministry for manufacturing substances in the Yaroslavl region to treat cancerous and bone tissue diseases. The company invested 548.7 million rubles in this project; scheduled expenses including the credit from the Industry Development Fund are another 740.5 million rubles. Production of two types of substances are to start in 2017 and 2021, the company’s Director General Vasily Ignatjev told Vedomosti earlier. A bio-analogue is to be manufactured on the basis of one of them and an original medication - on the basis of the second one, he also said at the time.

Such significant investments are propitiate to R-Pharm’s scale of business, believes Director of the Center for Social Economy David Melik-Guseinov. The company is dynamically developing and is entering the international market, so it needs funds for a large-scale integrated full-cycle production facility, explains the expert. R-Pharm synthesizes molecules for manufacturing high-margin original medications, knows DSM Group Director General Sergei Shulyak.
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