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Russia pharmaceutical group Pharmstandard to go public in 2Q07

MOSCOW, April 11 (RIA Novosti) - Pharmstandard, one of Russia's leading pharmaceutical companies, said Wednesday it will make its initial public offering in the second quarter of 2007.

Pharmstandard, already listed on Russia's RTS stock exchange, is now preparing documents to be listed on the Moscow Interbank Currency Exchange (MICEX) and the London Stock Exchange, spokeswoman Olga Leshchanskaya said.

The company will float 40% of its stock, with Citigroup and UBS Investment Bank acting as coordinators of the IPO.

"Pharmstandard has grown significantly over the past three years, both through acquisitions and organically. We plan to get into Russia's top three by implementing a strategy of promoting leading brands, launching new products, increasing investment in sales, and marketing and acquiring additional assets," CEO Igor Krylov said in a press release.

Pharmstandard incorporates five plants across Russia, producing more than 200 various medications, including insulin, as well as medical equipment.

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