A flood of news from Grindeks
Riga – Latvian producer of active pharmaceuticals ingredients Grindeks has baggedEUR4.1m in funding from the European Regional Development Fund to build a new 1,400 m2 plant for the production of ursodeoxycholic acid (UDCA). The firm will deliver 30 tonnes/year to Germany’s Marenis Pharma – a substantial increase in its API business. And in mid-April, Russia’s largest pharmaceutical company Pharmstandard also acquired an 11.3% stake in Grindeks. The company’s sales in Russia had fallen by 20% last year. In collaboration with the Latvian Institute of Organic Synthesis, Grindeks is additionally developing a structure analogon of its cardiovascular drug Mildronate that is reported to be 40 times more effective than the original product.