South Korea's Green Cross teams with Russia's Nanolek on biologics manufacturing

South Korea's Green Cross said it has signed an agreement with Nanolek, a Russia biopharmaceutical company, to produce its biologics in a three-month-old facility said to be state-of-the-art.

No dollar figures were disclosed for the deal. Russia's fast-growing pharmaceutical market is expected to reach as high as $60 billion by 2020.

The agreement calls for a strategic partnership between the two companies, involving Green Cross supplying biologics to be produced and marketed by Nanolek.

Nanolek's CEO noted that the arrangement would make biopharmaceuticals more accessible in Russia, now largely reliant on imports.

- here's the Green Cross release