Quintiles and Russian Venture Company Biofund to Expand Clinical Development Capabilities in Russia
February 24, 2012
MOSCOW & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Russian Venture Company Biofund, a Russian-based investment firm, and Quintiles, the world's leading biopharmaceutical services company, today announced a definitive agreement to support expansion of clinical development services within the Russian Federation, the world's ninth most populous country.
"With a population of almost 140 million, Russia is under-represented in terms of clinical development activity and over-represented in term of unmet medical needs," said Ben Cons, Global Vice President, Quintiles Corporate Development. "Quintiles' goal is to address both of those issues in partnership with RVC Biofund, which has experience in starting businesses in Russia and capital to invest in the biopharma sector."
Quintiles and RVC Biofund will work to address Russia's healthcare initiatives in accordance with its Healthcare 2020 Development Program. This will include implementing best practices to support medical science and the development of healthcare in line with international standards.
Egor Beketov, CEO, RVC Biofund, said: "This partnership will help create high-technology services companies within the Russian Federation to advance biopharma, using RVC Biofund venture capital investments. With Quintiles, RVC Biofund gets a partner with the global resources and expertise to further expand development capabilities in Russia."
Quintiles and RVC Biofund anticipate announcing plans for specific joint ventures in the near future.
Quintiles, the market-leading biopharmaceutical services company in Russia, has been performing clinical trials there since 1996. Quintiles' Russia headquarters is in Moscow; it has additional offices in St. Petersburg and Novosibirsk.
"This partnership with RVC supports Quintiles' growth initiatives within Russia, and aligns our New Health focus with that of Russia's 2020 healthcare plan," said Sergei Borisov, General Manager, Quintiles Russia Clinical Services.
Igor Agamirzian, CEO, Russian Venture Company, said: "RVC Biofund was established last year with the purpose of investing into biopharmaceutical service companies and biotech start-ups, as well as streamlining the creation of projects in the sphere of biotechnology and increasing their number. The agreement between RVC Biofund and Quintiles is a good example of effective international cooperation towards these goals."
About Russian Venture Company
Russian Venture Company (RVC) is a government fund of funds and a development institute of the Russian Federation; since 2006 it has been one of Russia's key tools in building its own national innovation economy. RVC invests government capital through VC funds that it creates in partnership with private investors.
RVC has backed 12 funds (including two funds outside Russia) with a total capitalization of RUB 26 billion (about US$860 million), its share amounting to RUB 16 billion (about US$530 million). As of December 2011, RVC-backed funds hold a portfolio of 101 companies, with invested capital totaling RUB 9.2 billion (about US$300 million).
About RVC Biofund
In June 2010 the Board of Directors of Russian Venture Company approved the conceptual framework of RVC Biofund. In early 2011, the fund started its operations. RVC Biofund's focus covers innovative biopharma companies and service companies providing contract, laboratory, analytical and consulting services to biotech, pharmaceutical and medical companies.
About Quintiles
Quintiles is the only fully integrated biopharmaceutical services company offering clinical, commercial, consulting and capital solutions worldwide. The Quintiles network of more than 20,000 engaged professionals in 60 countries works with an unwavering commitment to patients, safety and ethics. Quintiles helps biopharmaceutical companies navigate risk and seize opportunities in an environment where change is constant. For more information, please visit www.quintiles.com.
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