“Olainfarm” will supply chemical intermediates worth more than 1 million Euro to “Novartis” of Switzerland

10/01/2007

JSC “Olainfarm” in cooperation with its Swiss partner “Jucker Pharma” has accepted the order of “Novartis Grimsby Limited”, a British branch of Swiss pharmaceutical company “Novartis” to produce and to supply chemical intermediate during February through August 2007.  Total value of the order is 1.166 million Euro.


 

Cooperation of JSC „Olainfarm“ and Swiss pharmaceutical company „ Novartis“ is entering its sixth year. During this period the value of orders for chemical intermediates has increased more than fivefold.  Chemical intermediates are used by the client to produce an active pharmaceutical ingredient, which is then further used to produce finished forms of medicines.

 

All of chemical products produced by JSC „Olainfarm“ are being exported to western countries and share of these products in total of company’s exports is exceeding 12%.  According to unaudited financial statements of the parent company for 2006, the total sales have increased by 34% from 9.33 million lats in 2005 to 12.54 million lats in 2006.  In 2006 some 81% of all sales of parent company were exports.  The biggest increases in export markets have occured in Russia, the UK, Ukraine, Norway and Belarus.

 

“A long term cooperation of JSC „Olainfarm“ with such worldwide well known companies as „Sanofi-Aventis“ (France), „Johnson&Johnson“ (USA), „Interchem“ (USA), „Synkem” (France), “Almirall” (Spain), “Ranbaxy” (India), “Dr. Reddy#ins_quot2#s” (India) shows that we have a capacity to produce reliable and effective top quality products, demanded not only in Latvia, but worldwide. Order of „Novartis Grimsby Limited“ is yet another proof that the production of chemical products is a promising area of company’s development“, Mr. Valerijs Maligins, Chairman of the Board of Olainfarm admits with delight.


About JSC „Olainfarm“

JSC „Olainfarm“ is one of the biggest companies in the Baltic states with more than 30 years of experience in production of medication and of other chemical and pharmaceutical products. The basic principle of company’s operations is to produce reliable and effective top quality products for both Latvia and the rest of the world. Currently the products of JSC „Olainfarm“ are being exported to more than 30 countries worldwide, including the Baltic countries, Russia and other CIS countries, Scandinavian and Western European  countries, USA and Asia

 

About “Novartis”

Novartis AG is a world leader in offering medicines to protect health, treat disease and improve well-being. Our goal is to discover, develop and successfully market innovative products to treat patients, ease suffering and enhance the quality of life. Novartis is the only company with leadership positions in both patented and generic pharmaceuticals.  For additional information please see:  //www.novartis.com