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Farmstandart OAO Announces Further Details on Reorganization Plans and Spin-off of OTC Business-Interfax


Monday, 2 Sep 2013 08:17am EDT 

Interfax reported that Farmstandart OAO (Pharmstandard) will allocate the bulk of retained earnings, RUB 26 billion out of RUB 30.65 billion, to a new company, OJSC OTC Pharm (OTC Pharm), into which the Company will transfer its branded, over-the-counter (OTC) products business. The Company‚Äôs assets were valued at RUB 66.79 billion as of August 23, according to materials prepared for an upcoming meeting of shareholders to vote on reorganization plans. The value of assets will decline to RUB 40.7 billion following the reorganization. Conversely, the value of OTC Pharm's assets will rise to RUB 26 billion. OTC Pharm will receive rights to 63 trademarks and five patents. It will also receive contracts on production of medicines at other companies in the group and on delivery of raw materials, as well as contracts with distributors. A number of companies will be transferred into OTC Pharm, including CJSC Vindexpharm (the owner of rights to the Acypol trademark), Donelle Company Limited (Afobazol) and Bever Pharmaceutical (long-term contract for production of substances used in the manufacture of Arbidol and Afobazol). OTC Pharm shares will be distributed among Pharmstandard shareholders. Shareholders will vote on the reorganization at a meeting on September 27. Pharmstandard shareholders who oppose the reorganization will have until November to present their shares for purchase at RUB 2,180 per ordinary share. 

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