Vegas Lex has advised Sanofi on its entrance into one of the first federal special investment contracts with the Russian Ministry of Industry and Trade and the Oryol Region Government.
According to Vegas Lex, "on October 16, 2017, Sanofi, a global integrated healthcare leader, announced the signing of a Special Investment Contract (SPIC) to modernize its pharmaceutical facility, the Sanofi-Aventis Vostok plant in the Oryol Region, and to launch the production of pharmaceuticals that have no Russian-made analogues. The signing ceremony was held at the plenary meeting of the Foreign Investment Advisory Council, attended by Prime Minister Dmitry Medvedev and Chief Executive Officer of Sanofi Olivier Brandicourt. Other officials present included Minister of Industry and Trade Denis Manturov, Governor of the Oryol Region Andrei Klychkov, and General Director of Sanofi Russia Naira Adamyan. The plan is to modernize production, to expand the local manufacturing of new-generation innovative insulin to a finished dosage form by 2019, and further develop Russia’s export potential for the supply of modern insulins manufactured in the Oryol Region. A Special Investment Contract guarantees a manufacturer expanding the local production stable tax rates and other official requirements, and a local status for the drug manufactured under the SPIC up until the finished dosage form production begins."
Vegas Lex prepared the documents and was involved in negotiations for the conclusion and subsequent implementation of the SPIC.