ICN Pharma And Allen & Associates Invest In Kazakhstan
US companies ICN Pharmaceuticals and Allen & Associates International have plans to invest a total of $3 million in a joint venture in Kazakhstan's Biomedpreparaty medicine plant, according to ICN's Jennifer Openshaw. According to a report in the weekly New Europe, Ms Openshaw said the agreement envisages setting up production and marketing of vitamins and medicines at the conversion plant, which now develops new biotechnologies.
The project will employ 250 people and should start work this September. ICN Pharmaceuticals, which Ms Openshaw says is looking to get a 10% pharmaceutical market share in Kazakhstan, will also supply Kazakhstan with finished medicines. It expects to achieve turnover there of some $60 million a year. ICN is also looking to open its own research center in Russia, reports New Europe.
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