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.
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”.
Head of the Communications Department
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