FRANKFURT, April 25 (Reuters) - German diversified healthcare group Fresenius SE said its Kabi unit was forming a joint venture with Russia’s Sistema and Zenitco Finance Management LLC.
The joint venture will merge Fresenius Kabi’s Russian and CIS business with CJSC Binnopharm, a subsidiary of Sistema, with a minority stake owned by Zenitco, Fresenius said on Friday, adding it would hold a 51 percent stake in the new company.
No financial details were disclosed.
Fresenius Kabi entered the Russian market 20 years ago and sells infusion therapies and clinical nutrition in the country, with sales reaching $73 million last year. (Reporting by Christoph Steitz; Editing by David Holmes)