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VTB finances the construction of GEROPHARM's pharmaceutical plant in St. Petersburg

22 March 2016

VTB Bank has opened the spigots for GEROPHARM LLC, which is the part of the Group of Companies GEROPHARM, on the construction of a new modern pharmaceutical manufacturing platform in Pushkin district in St. Petersburg. The borrowed funds will be granted for a period of five years in the form of non-revolving credit lines with a debt limit of 1 billion rubles.

The member of the Management Board of VTB Bank Denis Bortnikov said: "GEROPHARM Group has been working in the pharmaceutical industry for more than 14 years. The company shows the dynamic growth, and it invests in the technological development and creation of modern pharmaceutical infrastructure. VTB Bank is pleased to support the company in the development and production of high-quality Russian drug products, which are the top priority from the point of view of import substitution, and provide the company with the range of financial services, necessary for the development."

"The projects on the development of pharmaceutical infrastructure, such as the development of new capacities for the production of pharmaceutical substances, are a top priority for the industry today," says the head of GEROPHARM Group Petr Rodionov. "Only the strengthening of these competences will allow the country to overcome the dependence on imports. This is the goal of our project, which is aimed to create a new manufacturing plant in Pushkin as a part of the pharmaceutical cluster of St. Petersburg, and we are very pleased that this project is carried out in cooperation with our financial partners."

The creation of the plant also involves the construction of a new modern technological complex in the western part of St. Petersburg, in the industrial zone "Vostochnaya" (Pushkin), which is connected with the production of injection drugs that meet the requirements of good manufacturing practice (GMP) standards. The investment project is implemented within the framework of the pharmaceutical cluster of St. Petersburg and corresponds to the "Strategy of development of pharmaceutical industry of the Russian Federation for the period till 2020".

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