OREANDA-NEWS. January 24, 2008. OJSC “Pharmstandard” (LSE: PHST LI, RTS: PHST RU) and JSC “Grindeks”, Latvia, announced signing of a long-term collaboration agreement.
 
According to the Agreement, “Pharmstandard” will accomplish exclusive distribution and promotion of Mildronate® preparation in Russian Federation form 01 February 2008. Agreement anticipates possibility of the drug production at “Pharmstandard” facilities.
 
Mildronate® is one of the TOP-20 products in the commercial segment of Russian pharmaceutical market. During the last three years period Mildronate® sales demonstrate stable growth which significantly exceeded all market growth. According to “Pharmexpert” data its 9 month 2007 sales makes up US$30 million.
 
CEO of “Pharmstandard” Igor Krylov commented: “This deal is strategically important for both sides. Mildronate® effectively enlarges “Pharmstandard” cardio portfolio, significantly increases revenue and contributes to company’s financial result. “Grindeks” receives access to powerful professional promotion resources of “Pharmstandard”.”
 
Chairman of the Board of “Grindeks” Janis Romanovskis said: "I am very satisfied with the mutually beneficial Agreement. Mildronate® is currently the leading pharmaceutical product of “Grindeks” portfolio, and granting its exclusive sales and marketing rights to one of the leading Russian pharmaceutical companies “Pharmstandard” will substantially ease the organisation of the product’s distribution and marketing and will significantly increase Mildronate`s® sales amounts in the Russian pharmaceutical market.”