Roman Abramovich's investment company, Millhouse LLC and OAO Pharmstandard buy a majority share of Russian biosimilar manufacturer Biocad. Millhouse will own 50%, Pharmstandard 20% and Biocad founder and CEO Dmitry Morozov will own 30%. The purchase price is undisclosed but the firm is valued at ~$1B according to a source close to the matter.
Biocad is currently recruiting patients for clinical studies of copies of Roche's (RHHBY) Rituxan, Herceptin and Avastin. The firm also cancer chemotherapies, a drug for genital infections and three drugs for viral infections.