Baltic States – CIS, Investments, Latvia, Markets and Companies, Medicine

According to unofficial data, Grindeks could take over up to 75% of the Belarus state-owned company's shares.

Grindeks launched talks with Borisov Medical Preparations Plant already in 2007. The companies' initial plan envisaged establishing a joint venture and Grindeks making significant investments in the Belarus company.

Currently, according to Belarus media, Grindeks is ready to make investments only if it is offered a controlling stake in Borisov Medical Preparations Plant.

So far Belarus representatives have not agreed to several demands made by Grindeks, for example, for the Borisov Medical Preparations Plant to stop operating also in the farming sector and to discontinue production of unprofitable medications.

However, Borisov Medical Preparations Plant is still interested in receiving Grindeks investments. The director of the plant, Alexander Frando previously said that, although a number of the company's products are outdated, they are still in demand. As a result of cooperation with Grindeks, the company would be modernized and it would start to produce new, modern medications.

As Biznes&Baltija reports, Grindeks share in the Belarus market continues to increase. In 2008, Grindeks increased sales of its ready-made pharmaceuticals in Belarus by 20.6%.