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Russia: Competition authority approves pharma merger, shares rise

By  |  November 12, 2012

Russia’s competition authority approved of Sistema’s buyout of Veropharm on Monday, and, as a result, shares surged in the Moscow stock exchange for two of nation’s pharmaceutical companies, Veropharm and 36.6. Shares in 36.6 rose 6.7 percent, while shares for Veroharm – Russia’s third largest drug maker – rose 9.7 percent. 36.6 had previously announced it was ready to sell its share in Veropharm, which amounted to 51.8 percent of the company, to pay off debts. Russia’s Federal Anti-Monopoly Service has approved of the merger as long as certain conditions are met, though there is no word yet on what those conditions are.

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