RDIF and ChemRar Group launch JV for production of antiviral drug Favipiravir
The drug has been used successfully in China to cure coronavirus patients
Moscow, March 26, 2020 – The Supervisory Board of the Russian Direct Investment Fund (RDIF), Russia’s sovereign wealth fund, has approved the creation of a Joint Venture (JV) with ChemRar Group aimed at the production of Favipiravir and other related innovative antiviral medicines.
On March 17th Zhang Xinmin, head of China’s National Center for Biotechnology Development, told the media of Favipiravir’s effectiveness against coronavirus, as proved by clinical studies held in Wuhan and Shenzhen. Patients treated with Favipiravir tested negative for coronavirus in four days, whereas for those not receiving the drug it took 11 days to do so. Zhang updated reporters that in 91% of the treated group the conditions of their lungs improved, compared with 62% of those in the control group.
Favipiravir is an antiviral drug created in Japan that was approved for marketing in 2014.
Thanks to the partnership between RDIF and ChemRar, sales of Favipiravir will start in Russia in April, over 600 thousand packs of the antiviral medicine are set to be produced in 2020.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund, said:
“Our colleagues in China have showed us the positive results Favipiravir has displayed in the treatment of coronavirus patients. As part of RDIF’s efforts to fight the virus, undertaken in combination with the Russian government, and our domestic and international partners, we announce the creation of a joint venture with ChemRar Group. This JV’s activities will ensure a sufficient quantity of the drug to treat Russia’s infected people, while Favipiravir will also be delivered to foreign markets. RDIF will continue searching for the best technologies and practices as well as the most effective drugs in order to fight the virus in the future”.
Andrey Ivashchenko, Prof., DSc., Chairman of the Board, ChemRar Group, noted:
“We hope that this joint venture will support the best use of ChemRar Group’s accumulated experience and capabilities in the production and development of modern medicine for both antiviral and other significant products. Our innovative developments and technologies have huge potential not only in Russia but also in foreign markets, and the experience and capabilities of RDIF enable us to expect to create a truly innovative Russian pharmaceutical industry in the future”.
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. Currently, RDIF has experience of the successful joint implementation of more than 80 projects with foreign partners totaling more than RUB1.7 tn and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia’s GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 bn. Further information can be found at rdif.ru
ChemRar Group unites R&D service and investment companies in the field of innovative pharmaceuticals for the development and commercialization of innovative medicines, diagnostics, preventive care and new treatments of life-threatening diseases in Russia and abroad. Further information can be found at https://en.chemrar.ru/
For additional information contact:
Arseniy Palagin Andrew Leach / Maria Shiryaevskaya
Russian Direct Investment Fund Hudson Sandler
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