RDIF, Sistema and Medsi sign agreement with South Korean biotechnology company Green Cross Cell
Press release, 12.09.2018
RDIF, Sistema PJSFC and the Medsi Group of Companies agreed with one of the leading Korean firm Green Cross Cell to develop Russia's private R&D biotechnology market
Vladivostok, September 12, 2018 – The Russian Direct Investment Fund (RDIF) the sovereign wealth fund of Russia, Sistema PJSFC, a publicly traded diversified Russian holding company, and Sistema portfolio company Medsi have agreed with South Korean firm Green Cross Cell to develop the field of biotechnology in the Russian Federation. An agreement to this effect was signed and announced at the Eastern Economic Forum.
Green Cross Cell is one of the leading South Korean biotechnology companies specialising in research, production and sale `of cell therapy drugs to fight cancer. In the near future, the parties plan to prepare and approve a roadmap that will outline the next steps toward implementation of the agreement.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), noted:
“The creation of the most advanced genetic laboratories and clinics in Russia is part of the strategy of the Russian Direct Investment Fund, which involves investing in projects aimed at improving the quality of life of Russian citizens and providing world-class medical services in Russia. A number of projects contributing to the achievement of this goal are already in the RDIF portfolio. We welcome the participation of the leading Korean companies, which are ready to bring their unique developments in genetic research and cutting-edge medical technology to Russia”.
Vladimir Evtushenkov, Chairman of Sistema's Board of Directors, said:
“Strategic development of our medical assets is directly linked to the use of the most modern healthcare technologies based on international cooperation, which will drive truly significant results. Sistema actively works with key market players to implement high-potential joint projects”.
Artem Sirazutdinov, Chairman of the Board of Directors of the Medsi Group of Companies, said:
“Development and practical implementation of leading medical technologies and R&D outcomes is a top priority for the Medsi Group of Companies. Collaboration with leading Korean biotechnology companies opens up new opportunities for us in the areas of diagnostics and treatment of patients suffering from cancer, autoimmune diseases and other serious illnesses”.
Lee Duck-Joo, Chief Executive Officer of the Green Cross Cell, said:
“I’m pleased to work with Sistema and Russian Direct Investment Fund. And I also think it is meaningful because I believe this collaboration agreement will be a strategic foothold to enter the Russian market for us. The Russia is one of the best attractive market for it is size and the access to other CIS countries. I look forward to close working with our partners in Russia for the best. I learned that Russia has shown strong interests in developing and medical services and technology industry. I will do my best to cooperate to make such success in Russia with Sistema, Medsi Group and RDIF. We have set own primary objective to become a global leader in customize pharmaceutical industry. For this objective, we are making every effort to develop and distribute world class Comprehensive anti-cancer drugs in US, Japan as well as South Korea”.
Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF’s management company is based in Moscow. Further information can be found at www.rdif.ru
Sistema PJSFC is a publicly-traded diversified Russian holding company serving over 150 million customers in the sectors of telecommunications, children’s goods retail, paper and packaging, healthcare services, agriculture, high technology, banking, real estate, pharmaceuticals and hospitality. The company was founded in 1993. Its revenue in 2017 was RUB 704.6 bn; its total assets equalled RUB 1.1 trn as of 31 December 2017. Sistema’s global depositary receipts are listed under the “SSA” ticker on the London Stock Exchange. Sistema’s ordinary shares are listed under the “AFKS” ticker on the Moscow Exchange. Website: www.sistema.com.
The Medsi Group of Companies is Russia’s leading chain of private medical clinics, offering a full range of medical services – from intake and ambulatory services to high-tech diagnostics and complex surgery to rehabilitation. Today Medsi's facilities include 25 clinics in Moscow and the Moscow region (including two paediatric clinics, two clinical hospitals and three clinical-diagnostic centres), 12 clinics in the Russian regions, an ambulance service, an in-home care service, a medical wellness division and two sanatoriums. Medsi's facilities occupy more than 233,000 square metres. The company sees approximately 8 million patients annually and employs more than 2,000 physicians.
Green Cross Cell Corporation (GC Cell) is one of the leaders in the international biotechnology market and medical R&D services as well as the producer of a number of immunotherapy. The company produces the drug Immuncell-LC, which reduces the risk of metastasis after removal of primary tumours in cancer patients. The company was founded in 1992 and is headquartered in the Korean capital, Seoul.
For additional information contact:
Russian Direct Investment Fund
Tel: +7 495 644 34 14, ext. 2395
Mobile: +7 916 110 31 41
Andrew Hayes / Andrew Leach
Tel: +44 (0) 20 7796 4133