Russia-China Investment Fund, Sistema to invest $287.6 bln in setting up pharmaceutical company, says RDIF CEO

TASS, 07.11.2018

Russia-China Investment Fund (RCIF, established by Russian Direct Investment Fund, or RDIF, and China Investment Corporation) and Russia’s diversified holding Sistema have agreed to set up a major pharmaceutical company in Russia with total investments exceeding 19 bln rubles ($287.6 bln), RDIF Chief Executive Officer Kirill Dmitriev said on Wednesday.

"We also wanted to announce investments of RCIF together with Sistema in Obolenskoe pharmaceutical holding. The project’s total investments will exceed 19 bln rubles, and we will be actively developing the pharmaceutical holding. We see Chinese investors invest not only in infrastructure, but in such high-tech projects as pharma," he said.

Pharmaceutical enterprise Obolenskoe was established at the base of State Research Center for Applied Microbiology and Biotechnology in 1994. It became part of Alvansa Group holding in 2013, with Gazprombank and UFG Private Equity as shareholders. According to analysts’ estimates, the consortium could pay $20-25 mln for the asset.