Published: 2013-07-12 11:48:59 CEST
Company Announcement

“Grindeks” gains new export opportunities to the U.S.

JSC “Grindeks” is pleased to announce the successful passing of the U.S. Food and Drug Administration inspection. The issued certification paves the way for “Grindeks” cooperation with the U.S. partners, developing its business activities on the American market and allows “Grindeks” start exporting its manufactured Xylazine, Xylazine Hydrochloride and Droperidol to the U.S., as well as continue supplying Oxytocine and Detomidine to its American partners.

The inspection was performed by a U.S. Food and Drug Administration expert for 4 days and was already the 3rd inspection taken at the enterprise. The inspector visited “Grindeks” Active Pharmaceutical Ingredients (Oxytocine, Xylazine, Xylazine Hydrochloride, Droperidol  and Detomidine) manufacturing facilities and audited the Quality system of “Grindeks”.

JSC “Grindeks” Chairman of the Board Juris Bundulis: “This successful achievement gives “Grindeks” new development opportunities and strengthens its position on the global pharmaceutical market, as the U.S. Food and Drug Administration approval is a convincing argument to gain the trust of every client. We are proud of our achievements in manufacturing and quality control and are looking forward to new export opportunities.”

The total JSC “Grindeks” Active Pharmaceutical Ingredients sales volume reached 12.7 million lats in 2012, with the U.S. exports volume of 0.5 million lats. “Grindeks” product portfolio includes 24 Active Pharmaceutical Ingredients. “Grindeks” manufactured Oxytocine represents a 30% world market share, and Droperidol – 92% world market share.


About “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. The Group of “Grindeks” consists of four subsidiary companies in Latvia, Estonia and Russia, as well as representative offices in 11 countries.

“Grindeks” specializes in the heart and cardiovascular, CNS and anti-cancer medication therapeutic groups. A range of products covers a successful combination of original products and generics, with the original products Mildronate® and Ftorafur® and more than 100 forms of effective and safe generics included therein. Currently “Grindeks” produces 24 active pharmaceutical ingredients.

Products of the company are exported to 55 countries and its export comprises more than 95% of the total turnover. The main markets are: Russia and other CIS countries, the Baltic States, Germany, the Netherlands, Japan and the U.S.

To increase production capacity and develop infrastructure, since 2002 the company has accomplished many significant investment projects, investing 45.6 million lats over the years.

JSC “Grindeks” shares are listed on the Official List of “NASDAQ OMX Riga”. Major shareholders of JSC “Grindeks” are Kirovs Lipmans – 33.29%, Anna Lipmane – 16.69%, “AB.LV Private Equity fund 2010” – 11.38%, “Skandinaviska Enskilda Banken” (nominal holder) – 10.22%, “Swedbank” AS Clients Account (nominal holder) – 8.71%.


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         Further information:
         Laila Kļaviņa
         Head of the Communications Department, JSC “Grindeks”
         Phones: (+371) 67083370, (+371) 29256012
         Fax: (+371) 67083505