The biotechnology company Promomed, which produces an analogue of the drug Ozempic, has officially announced its plans to hold an initial public offering on the Moscow Stock Exchange. Earlier, the media wrote that the manufacturer could raise about 10 billion rubles.
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In April, market sources said the company intends to raise up to 10 billion rubles based on the results of the initial public offering.
According to the group’s press release, marketing is expected to begin in July. The shares will be included in the second level of trading. Investors will be offered securities issued during the additional actions. Following the IPO, the company’s main shareholder, Peter Bely, will retain a majority stake in the authorized capital.
The company intends to use the funding received as part of the IPO to develop a portfolio of innovative medicines. Promomed will also focus on the creation of biotech medicines for personalized medical solutions.
Promomed JSC is 100% owned by the founder and chairman of the board of directors, Peter Bely. The company produces more than 330 medications, 80% of which are vital and essential, according to Promomed data.
In particular, the group produces an analogue of the diabetes treatment drug Ozempic.
In 2023, the group recorded a net profit of 2.97 billion rubles (-25%). Revenue increased to 15.84, up 17% compared to 2022.
At the end of the first quarter of this year, Promomed recorded a loss of 442 million rubles, 53% more than the previous year.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
