Increasing Market Opportunities in the Emerging Russia as its Powerhouse

Transcription

1 Increasing Market Opportunities in the Emerging Russia as its Powerhouse Vladimir Krasnikov, Director General RUSSIAN PHARMALICENSING GROUP Tokyo, April 22, 2015 Creating a safer environment by bridging business culture gaps

2 Welcome CPhI-Japan 2015, the comprehensive pharmaceutical event bringing together leaders and key decision makers from Asian and the global pharmaceutical industry in Tokyo

3 Session 1 15:00 15:25 Introduction About Russian Pharmalicensing Group (RPhG) Japan-USSR/Russia: The history of the business relationship Japan-Russia: "Sanctions? Business is above all Japanese drugs (FDF) and nutritional supplements (FDF) market in Russia, API of Japanese origin in the Russian market

4 About RPhG(1) Company Information Business Name: Russian Pharmalicesensing Group LLC (RPhG) HQ: Moscow Markets: Russia, ex-ussr countries, West Africa Established: 2007 Company Overview Supporting foreign innovators or licensors entering the Russian pharmaceutical, biotech, food supplement and medical devices markets by means of marketing their licensing opportunities among decisionmakers in Russia and the ex-ussr territory by bringing buyers and sellers together. We can help foreign company to register their products and identify a rightpartner/marketer in Russia.

5 About RPhG(2) General Business Activities BD&L (Business development and licensing) Regulatory affairs incl. clinical trials M&A advisory services

6 Creating a safer environment by bridging business culture gaps

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8 Russian foreign trade partners Rating Country Volume, billion USD Jan-Nov 2014 Increased in turnover as compared with Jan-Nov China % 2 Netherlands % 3 Germany % 4 Italy % 5 Turkey 28.5% 97.4% 6 Japan 28.3% 93.8% 7 USA 27.0% 107.5% 8 S.Korea 25.5% 111.2% 9 Poland 21.6% 86.0% 10 UK 18.2% 82.1% Source: Federal Customs Service of Russia

9 Japan-USSR: The history of the business relationship In 1957, the total amount of trade turnover between the USSR and Japan was only 21.6 million $ In 1963 it increased to 320 million $ 15-fold increase within 6 years!

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11 Japan-Russia: "Sanctions? Business is above all

12 Size and dynamics of retail pharmaceutical market of leading countries in 2012, bln $ UK Italy Canada Russia Brazil France Germany China Japan USA +10% +16% +21% Source: DSM Group, Russia

13 Big Pharma Boys

14 USD Astellas and Takeda wholesales in Russia, ASTELLAS PHARMA* NYCOMED/TAKEDA Source: IMS Healthcare, Russia

15 USD Astellas and Takeda retail sales in Russia, % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% YTD/2015/ MTH02 NYCOMED/TAKEDA ASTELLAS PHARMA* Source: IMS Healthcare, Russia

16 USD Astellas and Takeda hospital sales in Russia, % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% YTD/2015/ MTH02 NYCOMED/TAKEDA ASTELLAS PHARMA* Source: IMS Healthcare, Russia

17 USD Astellas and Takeda state procurement sales in Russia, % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% YTD/2015/ MTH02 NYCOMED/TAKEDA ASTELLAS PHARMA* Source: IMS Healthcare, Russia

18 Japanese origin drugs (FDF) manufacturers market in Russia, USD Source: IMS Healthcare, Russia

19 Japanese drugs manufacturers in the Russian market Manufacturers 1. Biken 2. Daiichi Pharm 3. Japan Biopro. Inds. 4. Kyowa 5. Melsmon Pharm 6. Nippon Kayako 7. Sandzu Pharma 8. Sankyo 9. Taiho Pharma ATC3 product categories 1. A05B 2. G02 3. L01A 4. L01B 5. L01C 6. L01D 7. L01W 8. N03A 9. S01X

20 Japanese API manufacturers in the 1. Yuki Kase Kogyo Ko.Ltd 2. Shin-Yo CO., LTD 3. Biochem Corporation 4. SMIC SMO Ko.Ltd 5. Kaneka Corporation 6. Ajinomoto Ko.Ink 7. Ionezava Hamari Chemicals ltd. Japan 8. Dayita Corporation Russian market Japanese 20 APIs have been registered in Russia

21 Japanese nutritional supplement (FDF) market in Russia, USD Source: Source: IMS IMS Healthcare, Russia Russia

22 Japanese nutritional supplements manufacturers in the Russian market 1. Arkray 2. B2UP Co Ltd 3. Cross Co Ltd 4. Daiwa Pharm 5. Orihido Co 6. Osato Res. Inst. 7. Paladium Corp 8. Pharmaspray 9. Shimizu Chemical 10. Yanako Co

23 Kyorin Pharmaceutical and R-Pharm Reach Agreement in Russia In October 2014, Kyorin Pharmaceutical and R-Pharm Reach Agreement in Russia and neighboring nations for Activities Related to the Development and Marketing of Imidafenacin Kyorin Pharmaceutical grants R-Pharm exclusive rights to activities related to the development and marketing of Imidafenacin in Russia and neighboring nations.

24 Session 2 15:25 15:35 Healthcare in Russia. Segments of the Russian pharmaceutical market Healthcare in Russia at a glance Russian pharma industry outlook 2014 Russian pharma market at a glance Commercial (retail), Parapharmaceuticals, Hospital and State Procurement

25 RUSSIAN HEALTHCARE AT A GLANCE

26 Healthcare in Russia, 2013 Indicator Share of expenses on healthcare in Russian GDP Forecast of healthcare financing in 2018 Expenses for healthcare in absolute figures in Russia Healthcare expenses per capita Life expectancy Healthcare infrastructure Healthcare regulator Minister of Healthcare Sources: Russian MoH; *WHO Statistics % 4.5% GDP Data 2.4 trillion rubles (equal to 53.5 billion euros) 22,000 rubles (equal to 490 euros) Total: years For men: 63.5 years (80 years in Japan)* For women: 69 years (87 years in Japan)* 5,000 state hospitals + 12,000 polyclinics Less than 300 private clinic Ministry of Healthcare of the Russian Federation Professor Veronika Skvortsova

27 Russian Pharma Industry Outlook 2014 The industry, the number of new enterprises, their percentage of the total number of new enterprises. Food industry and Agriculture: 100 (28%) Construction industry: 85 (23.8%) Mechanical engineering and metallurgy: 47 (13.2%) Petroleum and petrochemical industry: 26 (7.3%) Pharmaceutical industry: 18 (5%) Automotive: 28 (7.8%) Mining: 8 (2.2%) Light industry: 15 (4.2%) Radio Engineering and Electrical: 30 (8.4%) Source: President's Council on economic modernization and innovative development of Russia.

28 Size and Dynamics of Retail Pharmaceutical Market of Leading Countries in 2012, bln $ UK Italy Canada Russia Brazil France Germany China Japan USA +10% +16% +21% Source: DSM Group, Russia

29 Russian Pharma Market at a Glance Russia contributes only 0.2% of the world s supply of pharmaceuticals Pharma market is dominated by imported drugs (up to 75%) in value (USD) and 45% in volume (units) Up to 70% of the pharmaceutical products are financed out-of-pocket by patients The existing state reimbursement system covers around 20% of medication costs and guarantees free drug provision only to certain vulnerable groups of patients

30 Ratio of the sales volume of Rx and OTC in 2014 Value-wise (RUR) Rx OTC Volume-wise (units) Rx OTC 29% 50% 50% 71% Source: DSM Group, Russia

31 Segments in the Russian Pharma Market State procurerement 7% Hospital 18% Parapharmaceuticals 16% Commercial (retail) 59% Source: DSM Group, Russia

32 The Russian Pharma Market by Segments in Segm ent Volum e, billion rubles Volum e, m illion units Growth q q q q Growth Commercial (retail) ,80% ,50% Parapharmaceuticals ,00% State procurement ,90% ,60% Hospital ,00% ,00% TOTAL ,30% ,60% 2013y 2014y Growth TOTAL, USD $ $ ,8% TOTAL, RUBLE ,3% Source: DSM Group, Russia

33 Russian Pharma Market by ATC, 2014 АТС Groups (1st level) MS (value), % MS (volume), units, % A: Alimentary tract and metabolism 19,30% 17,80% R: Drugs for the treatment of diseases of the respiratory system 12,70% 14,30% C: Cardio 12,30% 10,30% N: Neurology 11,80% 18,50% J: Anti-infectives for systemic use 7,70% 6,50% M: Drugs for the treatment of diseases of the musculoskeletal system G: Drugs for the treatment of diseases of urogenital bodies and sex hormones 7,70% 6,70% 7,40% 1,90% D: Derma 6,10% 10,40% L: Antineoplastic and immunomodulating agents 4,20% 1,80% B: Blood agents 3,40% 2,90% [~] Drugs w/o ATC 3,20% 5,00% S: Drugs for the treatment of diseases of the sense organs 2,60% 2,40% H: Hormonal drugs systemic use (excluding sex hormones) 0,60% 0,60% V: Others 0,60% 0,50% P: Antiparasitic products, insecticides and repellents 0,30% 0,50% Source: DSM Group, Russia

34 RATING 2013y Top 10 distributors in the Russian pharmaceutical market (FDFs) DISTRIBUTOR VALUE RUR, BLN, BLN MS, % VALUE INCREASE, % 1 Katren 137,1 3,05 16,2 22,6 2 Protek 133,2 2,96 15,7 8,4 3 ROSTA 93,8 2,08 11,1 14,3 4 SIA 83,7 1,86 9,9-6,9 5 R-Pharm 62,6 1,4 7,4 26,9 Alliance 6 Healthcare 61,6 1,37 7,3 5,3 7 Pulse 49,5 1,1 5,8 38,8 8 Oriola 40,5 0,9 4,8 8,2 9 BSS 21,2 0,47 2,5 35,2 Imperia 10 Pharm 14,1 0,31 1,7-13,9 Top 10 distributors account for more than 80% of sales with a trend of consolidation Source: DSM Group, Russia

35 Peculiarities of the top Russian pharmaceutical distributors Business diversification: 1. Almost all national distributors have a subordinate network of pharmacies (Protek, Katren, Rosta, Oriola, etc.) within the control structure 2. Developing actively is its own production (Protek with Sotex, R-Pharm, SIA, Biotec etc.)

36 Rating of pharmacy chains at the end of 2014 Rating Pharmacy chains Volume, billion rubles Share in commercial segment, Increased in turnover as compared with Number of sales outlets 4 qt., qt., A.V.E. * (incl. 36,6) % 13% Rigla % 29% Implosia % 18% А % 23% Doctor Stoletov (incl. Ozerki) % 16% Raduga (incl. Pervaya Pomoshch) % -3% Pharmaimpex % 7% Pharmland % 66% Planeta Zdorovo % 37% Samson-Pharma % 53% Vita % 11% Klassika % 2% Pharmacor % 16% Ladushka % 21% Melodiya Zdorovya % 19% 520 TOP % 19.4% Source: DSM Group, Russia

37 Session 3 15:35 16:00 Regulatory Affairs The categories of medicinal products subject to the state registration Drug registration procedure State registration (listing in the Register) of APIs in Russia Medical device registration in Russia

38 The categories of medicinal products are subject to the state registration 1. Original medicinal products 2. Generic medicinal products 3. New combinations of the previously registered medicinal products 4. New pharmaceutical forms and dosages of the previously registered medicinal products

39 Drug registration procedure in Russia Principles of medicinal product expertise and ethical expertise The process consists of 2 stages: 1. Procedures for obtaining authorization to conduct a clinical 2. Procedures for examination of the quality, effectiveness

40 Stages of registration of pharmaceutical products and medicines in Russia 1. The study of the documentation 2. Consultations with experts of the executive bodies; signing of the contracts 3. Pre-registration documentation scope 4. Pharmaceutical expertise 5. Clinical trials (individually) 6. Registration certificate issuing

41 Preclinical studies of generics in Russia Definition of general toxic properties (acute and sub acute (sub chronic) toxicity Local irritant effects when compared with the registered analogue

42 Preclinical studies for the original drugs and biosimilars Overall assessment of general toxic properties Specific types of toxicity (mutagenicity, reproductive toxicity, carcinogenic effects, allergenic effects, immunotoxin effects) Pharmacological security Specific pharmacological activity Pharmacokinetics

43 Article 14 of the Federal Law No.61 On circulation of medical products Article 14. Principles of medicinal product expertise and ethical expertise 1. Expertise of medicinal products and ethical expertise are based on the principles of legality, respect for the rights and liberties of an individual and citizen, rights of legal persons, independence of an expert, objectivity, comprehensiveness and completeness of trials conducted with the use of modern achievements in science and technology, responsibility of a federal state budgetary institution for conducting expertise of medicinal products and of experts for the expertise conduct and quality. 2. Expertise of medicinal products for medical use is conducted in stages: 1) at the first stage expertise of documents for obtaining authorization to conduct clinical trials of a medicinal product, except for: а) medicinal products which have been authorized for medical use in the Russian Federation for more than twenty years and in regard to which it is impossible to conduct bioequivalence trial; б) medicinal products for medical use, in regard to which international multicenter clinical trials are conducted, a part of which is carried out in the Russian Federation;

44 Clinical trials in FL No.61 BEFORE Law enactment Registration scheme in general conformed to international approach AFTER Law enactment Unique registration scheme is created which has no parallel: Mandatory local trial conduct Results of MICT (Multicenter International Clinical Trials) are not recognized unless Russian centers participated therein

45 State registration (listing in the Register) of APIs in Russia 45

46 Formulations and APIs registration in Russia. Issues and handling. 1. A registration of API is actually is listing in the State Registry 2. Listing of API is relatevely a long term process and it has kept becoming significantly more complicated and austere since 2010 as a result of the following: Russia joining WTO; Strengthening of regulatory authorities' role as a watchdog of Russian people's safety; Extension of conditions for clinical trials to new drug applications and as the consequence to quality of API; Russian Government's active involvement in pharma business regulation, including pricing of life saving drugs, tender business, support of Russian manufacturers (Pharma 2020), focusing on tech transfer instead of finished drugs imports.

47 API listing in the Registry. Key Aspects (1). 1. A registration dossier is submitted to the Russian Health Ministry. 2. Within 5 to 10 days, the Health Ministry reviews a dossier, and in case no questions arised, it issues a request for a quality test. 3. Upon receipt of a quality test request, within 15 days, samples of the API, a reference standard sample, and other standard samples (if used for raw materials control) should be submitted to the Federal Agency for Medical Substances Testing and Certification.

48 API listing in Register. Key Aspects (2). 4. API quality testing lasts for 60 working days. 5. Results of the testing are forwarded to the Health Ministry, and, within 10 working days, the Health Ministry reviews the results and forwards an unquiry featuring the results of testing to the company-manufacturer. (The inquiry should be replied within 7 days). 6. Upon receipt of a response to the inquiry, should no issues are raised, regulation documentation and a draft decision for filing the API in the State Registry is prepared (registration papers for a substance are not handed out at this time).

49 API listing peculiarities (1). 1. According to law, API registration process lasts for 110 working days, but currenly timelines are not complied with, and an applicant should expect a 8-12 month period, provided a quality test yields a positive outcome. 2. The official state duty for API registration is 100,000 Roubles (equal to 2,800$ or 2,100 ), no more official payments on top of that are due. 3. As far as a patent is concerned, an API patent as such is not submitted with a registration dossier, but there must be a document certifying the manufacturing of this substance issued by a manufacturer (a GMP certificate and a copy of manufacturer's license).

50 API listing peculiarities (2). 4. It is known that in the EU and the USA API manufacturers do not register pharmaceutical substances separately from the finished product. It is different in Russia: first, the API manufacturer register a pharmaceutical substance, while FDF registration should be done by FDF manufacturer. Thereby, no registration-no business as Russian manufacturers are not interested in non registered product discussion. Technically, for registartion our company needs only the section 3.1.S S, i.e. only the part that concerns the substance, to register the pharmaceutical substance. We also require the annexes concerning validation of analytical methods if they are not pharmacopoeias.

51 Documents and data required for the preparing of registration dossier for API of foreign origin in Russia. I. Administrative documents of the manufacturer of pharmaceutical substances. 1. Power of Attorney from the manufacturer to the applicant (required legalization).* 2. Documents confirming the registration of API, if registered outside the Russian Federation (Manufacturing License).* II. Documents on the production. 3. Documents conforming of compliance with the conditions of production, national or international standards (legalization required)*. 4. A brief outline of the production process and methods of process control. 5. Description of the stages of production control. 6. Description of quality control of finished substance, specification, validation of analytical methods, validation and / or qualification process. 7. Information about the conditions of storage and transportation of the drug. 8. Certificate in substance from the manufacturer. 9. Specification packaging materials. *Documents must be notarized in the country of manufacture.

52 Medical devices registration in Russia

53 Medical devices market in Russia Medical devices market values 4,2 bln USD in Russia in 2013 Top 4 medical devices county origin ranks as 1. China 2. USA 3. EU 4. Russia

54 Peculiarities of Medical Devices Registration in Russia (1) Federal Service on Surveillance in Healthcare and Social Development (Roszdravnadzor) follows hazard classification of medical devices aren't harmonized with the international norms and standards. An artificial barrier initially intended to wall off careless producers eventually create problems for the regulation and procedural support of medical devices registration in Russia.

55 List of Documents Required for Applying of Registration of Medical Products of Foreign Origin in Russia 1. Letter of Manufacturing Organization 1 copy. 2. Letter of Attorney given to an authorized person by Manufacturing Organization/MAH for carrying out registration. 3. Application for Registration, Re-registration of a Medical Product (in Russian) 2 copies. 4. Certificate of a Medical Product with the brief information about its application and main characteristics (in Russian) 2 copies. 5. Photographs of a Medical Product (size not less than 130*180 mm) 2 copies. 6. Promotional illustrative material 2 copies. 7. Registration documents of Manufacturing Organization in the country of origin and/or in other countries 2 copies. 8. Registration documents of a Medical Product as a measuring device in the country of Manufacturing Organization/MAH and/or in other countries (if available) 2 copies. 9. Foreign documents (national or international), confirming the compliance of a Medical Product with the requirements of national or international regulative documents and characterizing conditions of its production. 2 copies. 10. Application data sheet/operating instruction of Manufacturing Organization/MAH for a Medical Product (in Russian) 2 copies.

56 Requirements to Legalization Procedure of Documents Necessary for the Solution of a Question of Registration of Medical Products of Foreign Origin The documents submitted to the Federal Service on the Supervision in the public health and social security sphere for consideration of a question of registration of a Medical Product and issue of the corresponding certificate are to meet the requirements as follows: 1. A letter of Manufacturing Organization stating the intention to perform registration of products is to be presented on a letterhead paper in the official language of the Manufacturing Organization with the translation into Russian. 2. Application for Registration, Re-registration of a Medical Product is to be presented on Applicant s letterhead paper, according to form indicated in Annex 2, and if required to provide full and correct information on the complete of the Medical Product to be registered. Application is to be presented in Russian or with Russian translation. 3. A letter of Attorney granting the right to perform registration is to be arranged and certified in accordance with established order. 4. Certificate of a Medical Product is to include brief information about its application, main characteristics as well as information of the time of its development, launching and the countries it is supplied to. It is to be presented in Russian or with Russian translation. 5. A photograph of a Medical Product is to represent the appearance of a product and its components. 6. Promotional illustrative material is allowed to be submitted in a foreign language. 7. Documents mentioned in clauses 7, 8, 9 of List of Documents Required for Applying of Registration of Medical Products of Foreign Origin in Russia if Annex 1 are to be presented in the original or copies certified in the established order.

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58 Session 4 16:00 16:15 Entry to The Russian Pharma Market BD strategy for existing Russian pharmaceutical market members BD strategy for beginners of Russian pharmaceutical market members M&A. Regional Insights

59 Market Access RPhG can make assessment and test your product against competing ones in the Russian market Build a winning value proposition of your product that can be tailored to the decisionmaker in Russia

60 Business development strategy

61 Business development strategy 1. BD strategy for existing Russian pharmaceutical market members 2. BD strategy for beginners of Russian pharmaceutical market members

62 BD strategy for existing Russian pharmaceutical market members 1. Building of new manufacturing facilities on the Russian Federation territory 2. Purchase of the existing manufacturing facilities 3. Creation of cooperative management enterprise with Russian (foreign) manufacturer including contract manufacturing (i.e. localization) 4. Russian market launch of new medicinal products 5. No significant changes

63 Localization 1. The key factor in the state strategy Pharma Localization of pharmaceutical production a complex process 3. Total volume of investments in the Russian pharmaceutical industry in a variety of localization forms has already exceeded 1.6 billion dollars, and there is more to come.

64 Key issue facing foreign companies towards localization in Russia a) Establish its own manufacture or b) Use local sites

65 Construction of its own manufacture PROS Full control and management Quality Control Control over all stages of manufacture: FPP manufacture Manufacture quality control Primary Packaging Secondary packaging Rapid technology transfer Not subject to external political and economic factors, including sanctions Cost reduction; imported medicinal products are subject to 10% tax duty in Russia Tax incentives from the state CONS Large investments Start of production requires 3 and more years Lack of qualified personnel (technicians, production managers) and, as a consequence, its high cost

66 Services of local manufacturers PROS Relative project completion progress Low cost of entry Ability to attach an additional site CONS Lack of complete control over all stages of manufacture Access to appropriate technology Limited capacity of local manufacturers for high-tech product manufacture

67 Sotex profile Sotex is a leading Russian R&D company High-tech production site with the requirements GMP EU R&D platform with competencies in development of injectables and biotechnological products Unique line for the production of drugs in pre-filled syringes with automatic needle protection

68 Sotex Partners

69 BD strategy for beginners of Russian pharmaceutical market members 1. Independent entry into the market 2. Purchase of the Russian company or establishment of cooperative management enterprise 3. Authorization of in home medicinal products with the following out-licensing 4. Selling of authorization dossier including contract manufacturing

70 M&A. Regional Insights The pharmaceuticals and biotechnology sectors are currently battling with declining pipelines, patent expirations and a clampdown on healthcare spending. As their troubles grow, the sectors are being forced to increasingly engage in mergers and acquisitions (M&A) activity. Global M&A: Outlook for Pharmaceuticals. KMPG Many global companies seeking to establish a foot print here in Russia due to good economic climate and consistent pharma market annual growth of 10%-12% since National Health Project funds, Biopharma clusters and GMP plants drive Russian s Pharma 2020 The level of M&A activity for the past years in Russia has been consistent between 8-10 deals per year Most of the transactions were driven by acquirer s need to access to pipeline and products, and with entering to Russian market There are actually mid size transactions

71 Nycomed invested in pharma plant in Russia Nycomed is ranked 9 th among TOP-10 pharma companies in Russia Takeda-Nycomed announced to invest 75 mln euro in building of manufacturing plant in Yaroslavl, Russia Vladimir Putin groundbreaked ceremony of the future plant took place

72 Pharmstandard and Millhouse to take stake in Russian Biocad in 2014 Biocad a biosimilar developer produces original biological products as well as generic biotech drugs 130 employees of BIOCAD are involved in the creation and study of new drugs

73 AstraZeneca In 2011, Innovative Development Agency (AIRCO) has begun construction of its own full cycle plant to transfer manufacture of about 30 AstraZeneca drugs AstraZeneca constructs a plant in accordance with international standards Total investment in the construction of the plant will be about $ 187 million, of which the second phase will have more than $ 100 million.

74 Kaluga Industrial Park Grabtsevo added a new Berlin-Chemie Plant A Berlin-Chemie plant Berlin Pharma was opened on May 19, 2014 in the industrial park Grabtsevo The total investment into the project was approximately EUR 30 million

75 Abbott agreed to buy Veropharm in 2014 Abbott acquired a Russian drug maker Veropharm for 17 billion rubles ($ 495 million) Abbott also incurs the Veropharm debts in the amount of 4.7 billion rubles ($ 136 mln)

76 Novo Nordisk opens new factory for the production of insulin in Russia On April 10, 2015 company Novo Nordisk opened Novo Nordisk opens a new manufacturing facility in Russia Manufacturing comprises preparing an insulin solution, filling and packing

77 Sanofi can build a plant in Leningrad Oblast Sanofi is considering construction of the plant in the territory of Leningrad Oblast The Memorandum of Understanding signed between Sanofi Russia and the Government of Leningrad Oblast at the XIII International Investment Forum Sochi-2014.

78 Cadila In 2013, Cadila Pharmaceuticals Ltd. decided to build a pharmaceutical plant in Narimanov District of Astrakhan Oblast

79 R-Pharm and Eli Lilly R-Pharm and Eli Lilly plan to launch manufacture of the entire insulin line from 2015 at a plant in Kostroma (Central Russia) owned by the Russian partner.

80 RPhG M&A Advisory Services RPhG advise both domestic and international companies to assist their goals in Russia, include: Evaluation of Russian prospect client by identifying factors leading to a sale decision Organization and conducting M&A negotiations in close cooperation with the client Coordination of the whole negotiating and selling process between parties Confidential approach of potential acquirers and vendors Company analysis incl. due deal

81 Contact Vladimir Krasnikov, Director General Russian Pharmalicensing Group LLC 27, Presnensky Val, office 814 Moscow , Russia tel.: fax: site: Creating a safer environment by bridging business culture gaps

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