Pfizer's Russia deal shows country still open

 14-Jul-16, Forbes

U.S. multinational drug maker Pfizer is laying down a new foundation in Russia, with a joint venture announced on Wednesday to produce pharmaceuticals domestically.

Image: Don Emmert / AFP / Getty Images

Pfizer’s Russian partner, drug maker NovaMedica, signed a cooperation agreement which will have Pfizer building a new lab facility in the Kaluga region, located roughly 200 miles southwest of Moscow. Pfizer will als transfer licenses for the production of more than 30 drugs with a market value of at least $60 million from its portfolio to the new Russian partner.

The move comes at a time when Western businesses are leery of sanctions and geopolitical tensions between Russia, Washington and Brussels. Pfizer’s announcement shows the country is still open for business to Western-backed multinationals.

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