Backed with $860 million from economic development officials and a clear signal that Russia intends to play host to new biotech programs, Bayer has joined forces with a Russian company on the development and production of therapeutics.
The German pharma giant is partnering with an outfit called Yunona Holdings. Their pact represents the latest in a string of deals with Big Pharma companies interested in tapping into the market. Russian officials have pronounced themselves supremely unhappy with the fact that the country has to import 80% of its therapeutics. And as a result they're giving preferential treatment to the companies that do more development and manufacturing work inside Russia.
While Russian clinical trials may not have the best reputation in the development field, the country has been attracting a number of biotechs avid to tap into the lower-cost studies that can be pulled off there. Only a few weeks ago London-based Xenetic touted its drug trials in Russia, which are being conducted with the financial assistance of a Russian-Anglo joint venture. And the Russian government recently took a big role in Pro Bono Bio, which is developing nanotech therapies.
- here's the story from InPharm