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Quintiles signs Russian deal to set up new clinical service ventures

Partners with government-backed firm the Russian Venture Company

Quintiles has signed a partnership deal with a Russian investment firm that will see it launch a number of joint ventures in the country.

The Russian Venture Company (RVC) is a government-backed 'fund of funds' set up in 2006 to help rebuild the national innovation economy, with pharmaceutical services company Quintiles to work with RVC's Biofund.

This was set up last year to try and remedy the low number of innovative drugs that originate in Russia and the Biofund will help develop and incubate innovative biopharma companies and service companies.

Quintiles and RVC will set up an unspecified number of joint venture companies focused on clinical development services within the Russian Federation, and Quintiles said the deal would support its growth plans in Russia.

“With a population of almost 140m, Russia is under-represented in terms of clinical development activity and over-represented in term of unmet medical needs,” said Ben Cons, global vice president, Quintiles Corporate Development.

“Quintiles' goal is to address both of those issues in partnership with RVC Biofund, which has experience in starting businesses in Russia and capital to invest in the biopharma sector.”

The Russian Federation is the world's ninth most populous country and a member of the so-called BRIC group of emerging markets.

“This partnership with RVC supports Quintiles' growth initiatives within Russia, and aligns our New Health focus with that of Russia's 2020 healthcare plan,” said Sergei Borisov, general manager, Quintiles Russia Clinical Services.

Russian healthcare reforms, which became law last year, are expected to have a number of implications for pharma companies, including in clinical trials, one of the mainstays of Quintiles' business.

The company is the leading biopharmaceutical services company in Russia and has been performing clinical trials in the country since 1996.

Egor Beketov, CEO of RVC Biofund, said: “This partnership will help create high-technology services companies within the Russian Federation to advance biopharma, using RVC Biofund venture capital investments.

“With Quintiles, RVC Biofund gets a partner with the global resources and expertise to further expand development capabilities in Russia.”

Quintiles and RVC Biofund expect to announce plans for specific joint ventures in Russia the near future.

27th February 2012

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