21 March 2014
VTB Bank has opened a RUB 2 billion three-year credit line for Microgen, the largest producer of immunobiological medicines in Russia. The company will use the loan to finance its activities and upgrade its production facilities.
VTB also provides a wide range of banking services to Microgen, including cash management and guarantees under a RUB 2 billion general agreement.
"VTB and Microgen are building a comprehensive, long-term partnership that plays a major role in providing the national healthcare system with modern effective and safe medicines," VTB Bank Management Board member Valery Lukyanenko said.
"Long-term agreements signed with one of Russia’s largest banks, such as this credit line, will help the company to improve its financial management and continue its ambitious plans to upgrade production and make it consistent with good manufacturing practice," said Microgen’s First Deputy General Director for Economy and Investment Grigory Potapov.
The Microgen Research and Production Company was founded in 2003 as a result of the merger of state unitary enterprises producing immunobiological medicines. Microgen is one of three major Russian pharmaceutical companies and is the largest producer of immunobiological drugs, including vaccines, sera, specific immunoglobulins, growth media, allergens, and probiotics. Microgen also specialises in the production of bacteriophages, safe antibacterial drugs, which are considered an effective alternative to antibiotics.
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