JSC “Grindeks” signs agreement with Investment and

JSC “Grindeks” informs that today, on 26 February, the company has signed an
agreement with Investment and Development Agency of Latvia on co-financing of
2.8 million lats from the European Regional Development Fund (ERDF) for
construction of Ursodeoxycholic acid (UDCA) manufacturing unit. 

Last year “Grindeks” concluded a multi-degree and long-term cooperation
agreement with German pharmaceutical company “Marenis Pharma” on delivery of
UDCA substance. According to the agreement “Grindeks” is going to deliver 30t
of UDCA and that will increase the export of “Grindeks” active pharmaceutical
ingredients significantly. 

In order to ensure regular development and manufacturing of UDCA, “Grindeks”
has started construction of a new manufacturing unit. It is planned to invest
almost 6 million lats in the project in total. 

“Grindeks” Chairman of the Board Janis Romanovskis: “Financial support to the
pharmaceutical manufacturers is mutually beneficial - on the one hand, it helps
to develop business of the company and on the other hand, it is direct
incentive to the economy and export of Latvia. Research, development,
production and sales of active pharmaceutical ingredients are one of the
business directions that we have purposefully developed during the last years.
ERDF co-financing is very useful in order to finish UDCA manufacturing unit on
time and to supply German partner with the necessary amount of the substance.” 

In the end of January “Grindeks” celebrated a ridgepole ceremony of the new
manufacturing unit, and now the building is already under the roof.
Concurrently with the constructions works in the new UDCA manufacturing unit,
collection of the first production equipment and the installation works will
start soon. Total area will be 1400 square meters. It is planned that
production in the new manufacturing unit will start in March next year.
Production area will provide 35 new work places. 


On “Grindeks”

“Grindeks” is the leading pharmaceutical company in the Baltic States. Its main
fields of action are: research, development, manufacturing and sale of original
products, generics and active pharmaceutical ingredients. “Grindeks”
specializes in the heart and cardiovascular, CNS and anti-cancer medication
therapeutic groups. 

Group consists of four subsidiary companies in Latvia, Estonia and Russia, as
well representatives and representative offices in fourteen countries. Products
of the company are exported to more than 40 countries and its export comprises
more than 96% of the total turnover. The main markets are: the Baltic States,
Russia and other CIS countries, Japan, USA. JSC “Grindeks” shares are listed in
the Official List of “NASDAQ OMX Riga”. 


Further information:
Laila Kļaviņa
Head of the Communications Department
JSC “Grindeks”
Phones: (+371) 67083370, (+371) 29256012
Fax: (+371) 67083505
e-mail: laila.klavina@grindeks.lv
JSC “Grindeks” signs agreement with Investment and Development Agency of Latvia on co-financing of 2.8 million lats from ERDF
