ICN Continues Investment In Polifarm Drug Plant
ICN Pharmaceuticals of California, USA is undertaking significantinvestment in the Russian pharmaceutical manufacturer Polifarm, based at Chelyabinsk in the Urals. Polifarm, which is a joint venture company, has now become a subsidiary of ICN and has been renamed ICN-Polifarm.
ICN holds 75% of the Russian unit's stock, with the advantage that the new status of the company means that ICN's inputs into the Russian company are no longer taxable.
The original partnership between ICN and Polifarm was established in May 1996 and ICN has injected some 20 billion roubles (around $3.6 million at Moscow Interbank currency exchange) into the operation since then, supplying the company with $2 million worth of drugs so that profits from their sale on the Russian market can be used to boost Polifarm's assets.
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