NovaMedica, Kaluga Region and City of Kaluga Sign Agreement on Construction of Pharmaceutical Plant in the Region
KALUGA, Russia--The Government of Kaluga Region, the Administrative Board of the City of Kaluga and NovaMedica pharmaceutical company (a subsidiary of RUSNANO and Domain Associates) 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 Domain Associates LLC, one of the leading American venture capital funds, which specializes in pharmaceuticals, 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 FDA (U.S. Food and Drug Administration) specifications in the Grabtsevo technopark (City of Kaluga).
Around $85 million will be invested in NovaMedica's new plant. The size of the land plot, where NovaMedica's production facilities will be constructed, occupies a total surface area of 50,000 square meters. The new plant shall provide over a 100 new jobs, according to the company's plan.
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 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 benefit to the resolution of the most important objective set by the Government – to increase the market share of advanced and innovative therapeutics which are produced domestically rather than imported in Russia," Anatoly Artamonov, Governor of Kaluga region, commented.
"We believe that NovaMedica's new GMP- and FDA-compliant production facilities will form a 'bridge' between the researchers and clinicians of the most innovative products and unmet needs in the Russian market," said Fabrice Egros, NovaMedica's CEO. "This will bring a quick access to new and more effective treatments to Russian patients."
Notes for editors:
NovaMedica pharmaceutical company is a Russian pharmaceutical company, established in 2012 by one of the leading U.S. venture capital funds Domain Associates LLC, which specializes in pharmaceuticals, and Russia's investment corporation RUSNANO, which implements government policy on the development of hi-tech industries. The company's strategy is aimed at localizing production of a wide range of new medicines and technologies on the Russian market, including screening and registration, and the creation of innovative GMP-standard manufacturing facilities. More: www.novamedica.com