Sistema says Russian sovereign wealth fund to buy OBL Pharm stake
April 26 (Reuters) - Russian business conglomerate Sistema says:
Russian Direct Investment Fund, Russia-China Investment Fund and Middle Eastern funds will acquire a stake in Pharmaceutical Enterprise Obolenskoe (OBL Pharm) for more than 4 billion roubles ($61.82 million).
Upon completion of the transaction, expected by the end of Q2 2019, the consortium's effective stake will be 28 percent, VTB Bank will own 46 percent and Sistema will hold 13 percent.
The investors plan to develop Obolenskoe into a leading Russian pharmaceutical holding.
In December 2018, Sistema, VTB Bank and Obolenskoe management acquired shares in Obolenskoe from Alvansa Ltd.
The parties plan to expand the pharmaceutical holding by merging Obolenskoe with the pharmaceutical company Binnopharm, controlled by Sistema.
This merger will help Obolenskoe increase its output of a wide range of products thanks to Binnopharm's modern production facilities, RDIF CEO Kirill Dmitriev said in a statement.