Olainfarm

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JSC Olainfarm
Joint stock company
Traded as OMX: OLF1R
Industry Pharmaceuticals
Predecessor Olaine Chemical-Pharmaceutical Plant
Founded October 10, 1972
Headquarters 5 Rupnicu Street, Olaine, Latvia
Area served
 Worldwide
Key people
 Valērijs Maligins (Chairman of the Management Board)
Revenue € 78 million (2013)
Increase € 12.6 million (2013)
Owner Olmafarm Ltd. (42.56%), Valērijs Maligins (26.92%)
Website http://www.olainfarm.lv/

JSC Olainfarm is the leading manufacturer in the chemical and pharmaceutical sector of the Baltic States with more than 40 years of experience.

The company was founded in 1972 as state enterprise “Olaines ķīmiski – farmaceitiskā rūpnīca” (Olaine Chemical-Pharmaceutical Plant). The main goal of founding the company was to ensure pharmaceutical substances and semiproducts to several finished drug form manufacturing plants in the Soviet Union. As a result of privatization in 1997, the company was reorganized into a joint stock company, and its shares were listed on stock exchange.

Olainfarm produces over 60 final dosage forms,[2] 25 active pharmaceutical ingredients[3] and 20 intermediates.[4] The product portfolio is well diversified with the main emphasis on branded products, historically unique to Olainfarm. The key areas of specialization in final dosage forms include neurology (cholinesterase inhibitors, anxiolytics, psychostimulants, nootropics), cardiology (antiarrhythmics, energy metabolism enhancers), infectology (original nitrofurantoine derivatives and antivirals) and allergology (fast acting antihistamines). Olainfarm has a long-standing technological and know-how advantage in adamantine, quinuclidine and nitrofurane chemistry.

Olainfarm is certified in accordance with the requirements of the EU GMP for APIs and FDFs, the U.S. cGMP for certain APIs (FDA), TGA for FDFs (Australia), CEP for certain APIs, ISO 14001 Environmental Management System and ISO 17025 Laboratory Management System.[5]

Proof of the high quality of the Olainfarm products is cooperation with such global and regionally acknowledged companies as Novartis, Dr. Reddy’s, Glenmark Generics, Sigma AU, Almirall Ranke, UQUIFA, MIAT, Actavis, Teva, Egis, PHF and many others. Since 2011 Olainfarm supplies anti-tuberculosis medication to the World Health Organisation.[6]

The company owns the controlling stake in the leading Latvian food supplement company Silvanols,[7] has its own chain of pharmacies Latvijas aptieka[8] in Latvia and eco-cosmetics company Kiwi Cosmetics.[9]

Representative offices in Russia, Ukraine, Belarus, Tajikistan, Albania, Kazakhstan, Kosovo and Mongolia, subsidiaries in Lithuania, Turkey, Azerbaijan and Kyrgyzstan, and contracted agents in the USA, Serbia, Turkmenistan, Moldova, Sweden and Southeast Asia.[10]

Olainfarm exports to more than 35 countries worldwide, export share is near 90%. Main export markets are Russia, Ukraine, Belarus, The Netherlands, Kazakhstan, UK and Poland. Farthest export market – Australia.

Olainfarm shares are listed at NASDAQ OMX Riga Official List (OMX: OLF1R).

History

On December 4 1965, the Council of Ministers of the Latvian Soviet Socialist Republic adopted a decision on construction of a chemical-pharmaceutical factory in the town of Olaine.

In 1968, construction of the factory was commenced.

The first operation of furagin synthesis was carried out on October 10, 1972. That day is considered as the day of commencement of the operation of the Company, which at that time was named Olaines ķīmiski-farmaceitiskā rūpnīca (Olaine Chemical-Pharmaceutical Plant).

In 1976, Olaine Chemical-Pharmaceutical Plant became the leading manufacturer in Latvbiofarm association. The production capacity of the enterprise made it possible to supply all the existing factories-manufacturers in the territory of the Soviet Union with active chemical ingredients and semiproducts of corresponding groups.

In 1980, synthesis of 15 products was developed. After a while, the management of the enterprise made a decision to produce also finished forms of medicaments. Cooperation with leading scientists of the Soviet Union provided an opportunity to develop a range of high quality and scientifically valuable products.

In 1991, historical changes occurred in the political and economic situation in all the former USSR countries, including Latvia. These changes affected also the operation of Olaine Chemical-Pharmaceutical Plant; therefore, a decision was made to develop the strongest lines of synthesis (adamantine, quinuclidinone, and other derivatives) for selling products to Western countries.

State enterprise Olaine Chemical-Pharmaceutical Plant was privatized in 1997. As a result of the privatization, the enterprise was reorganized into the joint stock company Olainfarm, and its shares were listed on the secondary list of Riga Stock Exchange.

In 2001, after successful audits conducted by such well-known companies as Cilag (Switzerland), Johnson & Johnson (USA) and Sanofi (France), the Company entered the global market as its actual participant in production of active chemical ingredients.

In 2002, certificate was obtained according to the inspection requirements of the U.S. Food and Drug Administration (FDA).

From 2003 to 2004 grandiose reconstruction of the manufacturing plant was finished in compliance with the requirements of Good Manufacturing Practice of the European Union.

On July 30, 2004, JSC Olainfarm obtained a Good Manufacturing Practice certificate of compliance. This certificate symbolized the start of a new period in the Company’s history.

In 2005, Shareholders of JSC Olainfarm decided on increasing the fixed capital of the Company by 3 million Lats, to 13.25 million Lats.

In 2006, Considering the positive development dynamics of the Company and the quality of investor relations, shares of the Company were transferred to the most prestigious Main List of the Baltics. Popular anti-virus preparation Remantadīns® (Remantadine) was registered as the first of the Company’s manufactured medicaments in Poland.

In 2007, JSC Olainfarm received the Baltic Stock Exchange award for the best investor relations on the Internet in 2007.

In 2008, JSC Olainfarm opened a representation office in Vietnam and started an ambitious sale promotion programme in important sales markets.

At the award ceremony of newspaper Dienas bizness for Top 500 most successful companies in Latvia, in 2009 JSC Olainfarm received the special award from NASDAQ OMX Riga as the company of the stock exchange with the highest share price increase from early 2009 to 1 November. The Company’s share price in 2009 increased by 160%.

In 2010, The Company registered its representation offices in Serbia and Tajikistan. The first registered product in Serbia was anti-virus preparation Remavir®.

In 2011, When the sales promotion programme, which started in 2008, showed significant results, the Company set even higher new records of profit and turnover. For the first time in its history, the Company’s shareholders decided to pay dividends in the amount of 10% from the previous year profit. Olainfarm started building its own chain of pharmacies Latvijas aptieka.

In 2013, Olainfarm acquired controlling stake in the leading Latvian food supplement company Silvanols.[11]

In 2014, Olainfarm won the Export Champion 2014 Award at the competition is organized by the Latvian Economics Ministry and the Investment and Development Agency of Latvia (LIAA).[12]

On 13 January, 2015, JSC Olainfarm opened the new finished drug manufacturing plant, which was created with investments of 9.6 million. It consists of a nitrofurane production facility, a production facility of small finished drug series, and a laboratory for the development of finished drug forms.

On 20 January, 2016, JSC Olainfarm concludes an agreement on the purchase of 100% of capital shares of the manufacturer of organic cosmetics Kiwi Cosmetics Ltd..[13] On January 28, JSC Olainfarm receives an award in the decade nomination “Best 10-year performance” for the biggest share price growth and an increase the Baltic Market Awards ranking.[14]

Governance and Management

Supervisory Council[15]

  • Valentīna Andrējeva (Chairwoman of the Council)
  • Ingrīda Circene
  • Volodimirs Krivozubovs
  • Aleksandrs Raicis
  • Gunta Veismane

Management Board[16]

  • Valērijs Maligins (Chairman of the Management Board)
  • Jeļena Borcova
  • Salvis Lapiņš
  • Veranika Dubickaja (Veranika Dubitskaya)
  • Oļegs Grigorjevs

References

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