Moscow, Russia – November 6, 2014 – Sistema JSFC(“Sistema”) (LSE: SSA), the largest publicly-traded diversified holding company in Russia and the CIS, today announces that by mutual consent it has terminated its binding agreements signed in April 2014 with Fresenius Kabi and Zenitco Finance Management, minority shareholder of Binnopharm CJSC, to establish a pharmaceuticals joint venture for operations in Russia and the CIS.
Binnopharm owns one of Russia’s largest facilities manufacturing biotechnological drugs in line with the international quality standard GMP. The company, which in recent years has successfully produced a number of biotech products, intends to focus on developing its portfolio of products and is exploring other options to continue cooperation with Fresenius Kabi.
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