OREANDA-NEWS. July 15, 2013. Pharmstandard, Russia's leading drugmaker, has started steps to spin off its over-the-counter drug business, it said.

The company also said in a separate statement that it was planning to buy a Singapore-based company called Bever Pharmaceutical in a deal valued at USD630 million, giving no further details.

Its over-the-counter business will be put into a separate legal entity, the company said, but gave no further details about the structure of the new company or whether it would be listed.

Pharmstandard generated 51 billion rubles (USD 1.5 billion) in 2012 sales, including its own drugs and third-party products.

A report in June said Pharmstandard's over-the-counter business could be valued at around USD 2.5 billion — approximately the same as its market capitalization.