NovaMedica, Kaluga Region and City of Kaluga Sign Agreement on Construction of Pharmaceutical Plant

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NovaMedica, Kaluga Region and City of Kaluga Sign Agreement on Construction of Pharmaceutical Plant

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Kaluga, Russia

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NovaMedica, Kaluga Region and City of Kaluga Sign Agreement on Construction of Pharmaceutical Plant The Government of Kaluga Region, the Administrative Board of the City of Kaluga and the pharmaceutical company NovaMedica have signed an agreement on the execution of an investment project to build a new pharmaceutical plant in the region. The document was signed by Anatoly Artamonov, Governor of Kaluga Region, Nikolay Polezhaev, Mayor of the City of Kaluga, Nikolay Milkis, General Director of the Kaluga Region Development Corporation, and Vladimir Gurdus, General Director of D-Pharma, which is managing the NovaMedica project. The new plant will be built under a joint venture between DRI Holdings Limited, a portfolio company of Domain Associates LLC., a leading American venture capital firm, and RUSNANO, a Russian government-owned investment company. The agreement envisages the creation of a new high-tech pharmaceutical plant built and operated to GMP standards and U.S. Food and Drug Administration (FDA) specifications in the Grabtsevo technopark (City of Kaluga). Around $85 million will be invested to build the NovaMedica plant. The land plot where NovaMedica's production facilities will be constructed occupies a total surface area of 50,000 square metres. The plant is expected to generate more than 100 new jobs. On-site construction is scheduled for the second half of 2013. The factory will focus on manufacturing innovative pharmaceutical products and medical devices, which will be licensed to NovaMedica under the RUSNANO/Domain Associates Agreement and subject to joint financing of late-stage life sciences developments. "The decision of NovaMedica to invest in our region dovetails perfectly with our strategy to develop a world-beating pharmaceutical cluster. Concentrations like this will contribute to achieving an important objective set by the Government – to increase the market share in Russia of advanced and innovative medicines produced domestically rather than imported,” said Anatoly Artamonov, Governor of Kaluga region. “We believe that NovaMedica’s new GMP- and FDA-compliant production facilities will act as a bridge between the researchers and clinicians developing innovative medical products and unmet needs in the Russian market,” said Fabrice Egros, NovaMedica’s COO. “The construction of this facility will bring new and more effective treatments to Russian patients.” http://novamedica.com/media/our_news/p/536 Project Name NovaMedica, Kaluga Region and City of Kaluga Sign Agreement on Construction of Pharmaceutical Plant Location Kaluga, Russia Commence 2013 Completion -NA- Estimated Investment $85 Million USD Capacity -NA- Key Players NovaMedica