Georgian group intends to buy out 70% of Indar – a Ukrainian insulin producer

Georgian group intends to buy out 70% of Indar – a Ukrainian insulin producer

Georgian Industrial Group (GIG) in the field of coal mining, electricity generation, gas supply, automotive, real estate, media services wants to acquire a state-owned stake in the producer...

This became known from the words of the founder of GIG, David Bezhuashvili. He said that in 2020 the group is going to participate in concession tenders and take part in large privatization. The holding will participate in the privatization of the state’s stake in Indar pharmaceutical company, where GIG owns a 30% stake. The group is ready to increase it to 100%.

"Indar" PJSC is the only company in Ukraine with a full technological cycle for the production of genetically engineered insulin – from substance to finished pharmaceutical form. The company's development strategy provides for the expansion of the product portfolio by means of immunoprophylaxis (vaccines), as well as new medicines and medical devices to comprehensively meet the needs of people living with diabetes, HIV/AIDS and tuberculosis.

According to the data in the disclosure system of the National Securities and Stock Market Commission of Ukraine (or SSMCS) at the end of the second quarter of 2019, a state-owned stake in the amount of 70.7016% of Indar enterprise is listed on Ukrmedprom PJSC, and 29.2861% belongs to the Luraq Investments Limited, a Cyprus company. At the time of purchasing this stake from the Polish company Bioton for $ 4.9 million, Luraq Investments Limited was the SPV of the Georgian Industrial Group (GIG), which was controlled by Georgian citizen David Bezhuashvili.

In 2018, Indar increased revenue by 2.1 times to UAH 488.59 million, while its net profit grew by 4.4 times to UAH 6.22 million.

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