Vnesheconombank restructures the debt of Ryazan-based FORT

| By | FORT, Vaccine Production

Vnesheconombank allowed FORT, a pharmaceutical manufacturer based in Ryazan, to continue using its credit facility on the terms favorable for the company.

In 2011, Vnesheconombank and FORT LLC signed a credit agreement in the amount of 4.8 billion rubles with the maturity period until 2021, for construction of a plant. According to the new terms of cooperation, the repayment of the principal and most of the accrued interest has been postponed until 2022-2029, while the debt burden was significantly reduced.

This debt restructuring will allow to allocate the freed resources for investments to expand the product portfolio. The business plan of the new plant provides for the market launch of several Russian-made vaccines and manufacturing of 30 million doses of vaccines against the seasonal flu or 120 million doses of vaccines against pandemic flu, 20 million doses of other antiviral vaccine, 100 million doses of recombinant pharmaceutical proteins and up to 500 million special dosage forms of biologics a year. In addition, the infrastructure facilities of the enterprise allow to establish new production shops to localize the manufacturing of vaccines that are not produced in Russia.

In 2017, FORT manufactured and supplied more than 19.5 million doses of flu prevention vaccine in pre-filled syringes for children and adults. This covers 100% of pediatric needs in vaccines under the National Immunization Calendar and more than 30% of total needs in flu vaccines for the entire population of Russia.