The combined company based on JSC FP Obolenskoye and JSC Binnopharm will work under the new brand, Alium. The step-by-step switch to the new brand will start in May 2019, the group said in a press release.
News that Obolenskoye and Binnopharm will be working under a single brand was unveiled in February by Vladimir Yevtushenkov, the key stockholder of PJSC AFK Sistema whose asset portfolio includes both companies.
Sistema acquired a stake in Obolenskoye alongside VTB and the Obolenskoye management at the end of December 2018. AFK announced then that it was planning to combine Obolenskoye with Binnopharm in which it holds a 74% stake.
In April, the deal was joined by an investor consortium comprised of Russian Direct Investment Fund (RFPI), Russia-China Investment Fund (set up by RFPI and China Investment Corporation) and Middle East funds. The investor consortium’s effective share in Obolenskoye will aggregately stand at 28%, VTB’s at 46% and AFK Sistema’s at 13%.
The Obolenskoye-Binnopharm merger is expected to be finalized in 2019.
The pharmaceutical company FP Obolenskoye makes over 150 prescription and OTC drugs of the main therapeutic groups. Binnopharm’s portfolio has about 20 drugs. Forty others are under development or undergoing registration.
The combined company is expected to join Russia’s top ten commercial pharmaceutical companies whose diversified product portfolio will include about 200 medications. It has four pharmaceutical production facilities in Moscow and in the Moscow region.