VTB Bank announced on Friday that it opened a three-year, $553 million credit line for Microgen, the largest producer of immunobiological medicines in Russia.
Microgen will use the loan to finance its activities and upgrade its production facilities. VTB will also provide Microgen with multiple banking services, including cash management and guarantees, as part of the 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," Valery Lukyanenko, a member of the VTB Bank management board, said.
Grigory Potapov, the first deputy general director for economy and investment for Microgen, said the agreement will help the company fulfill its ambitious plans.
"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," Potapov said.
Microgen was established in 2003 through the merger of state enterprises producing immunobiological medicines. It is one of three major Russian pharmaceutical companies and is the largest producer of immunobiological drugs, including sera, vaccines, specific immunoglobulins, allergens, growth media and probiotics.
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