27 May 2013
“NovaMedica, LLC plans to build a plant at the site of Kaluga pharmaceutical cluster”, - told Vladimir Gurdus, Team Drive (project managing company) member of the Board while present at the Russian pharmaceutical forum, organized by Adam Smith Institute.
“Memorandum of understanding has been signed by the Parties; Cooperation Agreement is projected to be signed any time soon”, - Company representative itemized. “Documents are signed,” - said Vladimir Popov, Minister of Economic Development of Kaluga region to Vedomosti.
NovaMedica, LLC – a joint venture of Domain Associates (U.S. venture capital firm specializing in medical projects) and RusnanoMedInvest, LLC (RMI, 100%-subsidiary of RUSNANO). In March 2012 the Companies have signed an agreement under which they will jointly invest $380 Mio in development, manufacturing and promotion of pharmaceutical products and medical devices: they will invest in US-based drug developers of Domain portfolio. “Team Drive”, founded by Leonid Melamed and Vladimir Gurdus, former top-managers of JSFC “Sistema” is managing the project.
Site pre-works are projected in this year, the construction is planned in 2014-2015, - says “Team Drive” representative. According to him, a plant’s capacity projected is approx. 200 Mio tablets (20 Mio packs) and about 5 Mio ampules a year. Also investors plan to build facilities for equipment and consumables production, warehousing and laboratories.
It is anticipated that NovaMedica will produce drugs, the development of which has been funded by RMI and. Last year RUSNANO and Domain have announced four deals: the Companies jointly with co-investors will invest up to $133 Mio in US-based Coda Therapeutics, Marinus Pharmaceuticals, Lithera and Regado Biosciences. These Companies develop therapeutics against chronic ulcers, epilepsy, thyroid exophthalmos and anticoagulant system (enables to control the level of blood-clotting in patients). According to Mr. Gurdus, now the legal work is in progress to support three more deals closing. According to his estimation, 10-12 deals are anticipated in partner’s portfolio by the end of the year.
However, the capacity fill shall be initiated prior to the completion of trials and registration process, therefore, as indicated in NovaMedica strategy, partnerships with US-based and potentially EU-based companies are assumed to localize their cutting edge technologies and products in Russia, - says “Team Drive” representative. Company has already signed eight MoUs with international companies, - according to Mr. Gurdus.
According to “Team Drive” representative: “The investments are estimated at tens of millions of US dollars”. The Parties have stated earlier that they will invest $95 Mio each in the manufacturing of drugs in Russia. “The exact amount will be determined upon completion of the design of the plant”, - said the managing company representative.
Investments are allocated up to 2020. RUSNANO plans to withdraw from the Domain project by 2020, - it is said in a joint presentation to the project launch in March 2012. The Company will first withdraw from portfolio companies, then from a subsidiary (RMI), and then from a manufacturing, - said Olga Shpichko, a managing director of RUSNANO back then. However, she did not state a return on investments the company is considering to reckon upon.Print
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