Pharmstandard To Spin Off OTC Unit, Buy Singaporean Co.

Law360, New York (July 8, 2013, 6:16 PM EDT) -- Russian pharmaceutical giant Pharmstandard OAO will spin off its nonprescription drug business and acquire smaller competitor Bever Pharmaceutical Pte Ltd. for $630 million, the company announced Monday.

The branded over-the-counter business will become a separate legal entity whose shares will be distributed among Pharmstandard's shareholders, according to a statement issued Monday. The company said it would hold a conference call Wednesday to provide more details of the process.

The Bever deal was disclosed in a regulatory filing Monday, in which Pharmstandard revealed that the board of...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.