Chromis, Sigma Corp sign agreement to start Avifavir sales in Latin America

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AK&M 04 August 2020 13:06

Chromis, a joint venture established by the Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and ChemRar Group, announce the signing of an exclusive agreement with Bolivia's Sigma Corp S.R.L. (Industria Quimico Farmaceutica Sigma Corp S.R.L.) to deliver the first Russian anti-COVID drug Avifavir to Argentina, Bolivia, Equador, El Salvador, Honduras, Paraguay and Uruguay, RDIF informed.

Under the agreement at least 150,000 packs of Avifavir will be exported, and the technology for the production of the finished dosage form will be transferred to the partner's manufacturing site in Bolivia.

Avifavir (Favipiravir) is the first Russian drug approved to treat coronavirus infection. It is also the first Favipiravir-based drug in the world approved for the treatment of COVID-19. The Ministry of Health has included Avifavir in the seventh edition of its guidelines for the prevention, diagnosis and treatment of new coronavirus infection COVID-19. Avifavir has already been delivered to 50 Russian regions as well as Belarus and Kazakhstan.

Favipiravir-based drugs have demonstrated efficacy in three independent clinical trials held in the leading medical centers across Russia, involving 700 patients with confirmed cases of COVID-19. The drugs disrupt the reproduction mechanisms of the coronavirus, relieving symptoms and halving the treatment period compared to standard therapy.

Sigma Corp S.R.L. was founded in 1976, it is a leading Bolivian company manufacturing and distributing pharmaceutical and nutraceutical products. Sigma Corp. SRL specializes in the production of a wide range of prescription drugs - antibiotics, analgesics, antiemetic, antiparasitic and other drugs for the normalization of the gastrointestinal tract fuction as well as drugs for ophthalmology and cardiology.

ChemRar Group unites R&D service and investment companies in the field of innovative pharmaceuticals for the development and commercialization of innovative medicines, diagnostics, preventive care and new treatments of life-threatening diseases in Russia and abroad.

Russian Direct Investment Fund (RDIF) is Russia's sovereign wealth fund established in 2011 to make equity co-investments, primarily in Russia, alongside reputable international financial and strategic investors. RDIF acts as a catalyst for direct investment in the Russian economy. RDIF's management company is based in Moscow. Currently, RDIF has experience of the successful joint implementation of more than 70 projects with foreign partners totaling more than RUB 1.5 trillion and covering 95% of the regions of the Russian Federation. RDIF portfolio companies employ more than 800,000 people and generate revenues which equate to more than 6% of Russia's GDP. RDIF has established joint strategic partnerships with leading international co-investors from more than 15 countries that total more than $40 billion.