KALUGA, Russia -- The Government of Kaluga Region, the Administrative Board of the City of Kaluga and NovaMedica pharmaceutical company (a subsidiary of RUSNANO and Domain Associates) have signed an agreement on the execution of an investment project to build a new pharmaceutical plant in the region.
NovaMedica pharmaceutical company will built a new high-tech pharmaceutical plant built in the Grabtsevo technopark, City of Kaluga, Russia.
NovaMedicais a Russian pharmaceutical company, established in 2012 U.S. venture capital funds Domain Associates LLC, which specializes in pharmaceuticals, and Russia's investment corporation RUSNANO, which implements government policy on the development of hi-tech industries
"We believe that NovaMedica's new GMP- and FDA-compliant production facilities will form a 'bridge' between the researchers and clinicians of the most innovative products and unmet needs in the Russian market," said Fabrice Egros, NovaMedica's CEO. "This will bring a quick access to new and more effective treatments to Russian patients."
Around $85 million will be invested in NovaMedica's new plant. The size of the land plot, where NovaMedica's production facilities will be constructed, occupies a total surface area of 50,000 square meters. The new plant shall provide over a 100 new jobs, according to the company's plan.
On-site construction is scheduled for the second half of 2013. The factory will focus on manufacturing pharmaceutical products and medical devices, which will be licensed to NovaMedica under RUSNANO/Domain Associates Agreement and subject to joint financing of late-stage life sciences developments.
"The decision of NovaMedica to invest in our region dovetails perfectly with our strategy to develop a world-beating pharmaceutical cluster,” said Anatoly Artamonov, Governor of Kaluga region. “Concentrations like this will benefit to the resolution of the most important objective set by the government -- to increase the market share of advanced and innovative therapeutics which are produced domestically rather than imported in Russia."
Copyright Agence France-Presse, 2013
