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...
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