Olainfarm

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Olainfarm AS
Company typePublic
Nasdaq Baltic: OLF1R
IndustryPharmaceuticals
PredecessorOlaine Chemical-Pharmaceutical Plant
Founded10 October 1972
HeadquartersRūpnīcu 5,
Olaine
,
Latvia
Area served
Worldwide
Revenue113,537,000 Euro (2022) Edit this on Wikidata
18,143,000 Euro (2022) Edit this on Wikidata
Total assets196,314,000 Euro (2022) Edit this on Wikidata
OwnerJSC AB City
Number of employees
1,054 (2022) Edit this on Wikidata
Websitehttp://www.olainfarm.com/

Olainfarm AS is a Latvian leading manufacturer in the chemical and pharmaceutical sector of the Baltic States.[1]

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 supply pharmaceutical substances and intermediates 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 the 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 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 Organization.[6]

Patron of the University of Latvia

Olainfarm is a silver patron of the University of Latvia Foundation. Supports the University of Latvia since 2012 by donating scholarships to pharmacy students of the Faculty of Chemistry and the Faculty of Medicine of the University of Latvia, as well as for the course of exact events.[7]

Representative offices in Ukraine, Tajikistan, Albania, Armenia, Kazakhstan, Kosovo, Uzbekistan and Mongolia, subsidiaries in Latvia, Lithuania, Turkey, Azerbaijan and Kyrgyzstan, and contracted agents in the USA, Serbia, Turkmenistan, Moldova, Sweden and Southeast Asia.[8]

Olainfarm exports to more than 60 countries worldwide and the export share is near 90%.

History

On 4 December 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, the construction of the factory was commenced.

The first operation of furagin synthesis was carried out on 10 October 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.[9] 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 intermediates of corresponding groups.[10]

In 1980, synthesis of 15 products was developed. After a while, the management of the enterprise made a decision also to produce finished forms of medicines.

In 1991, Latvia restores its independence after being occupied by the Soviet Union. 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, a certificate was obtained according to the inspection requirements of the U.S. Food and Drug Administration (FDA).

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

On 30 July 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 to increase 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.[11]

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's profit. Olainfarm started building its own chain of pharmacies - Latvijas aptieka.[12][13]

In 2013, Olainfarm acquired controlling stake in the leading Latvian food supplement company Silvanols.[14]

In 2014, Olainfarm won the Export Champion 2014 Award at the competition organized by the Latvian Economics Ministry and the Investment and Development Agency of Latvia (LIAA).[15]

On 13 January 2015, JSC Olainfarm opened the newly 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 concluded an agreement on the purchase of 100% of capital shares of the manufacturer of organic cosmetics Kiwi Cosmetics Ltd.[16] On 28 January, 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.[17] On 12 May 2016, JSC Olainfarm signed an agreement about acquiring 100% shares in Tonus Elast Ltd., producer of elastic medical products.[18]

On 13 July 2017, Longgo, a subsidiary of JSC Olainfarm was founded, offering modern natural products for health and well-being.

On 21 July, JSC Olainfarm was registered in the Register of Enterprises of the Republic of Latvia as the only owner of LLC Olaines veselības centrs ('Olaine Health Center'). The LLC (renamed OlainMed in January 2018) provides outpatient healthcare services in Olaine.

In 2017, JSC Olainfarm receives the award from the Employers' Confederation of Latvia (LDDK) as the best employer in the Riga region. The company also received this award in 2015.[19]

Valērijs Maligins, long-term chairman of the board and main shareholder of JSC Olainfarm, died on 9 December 2017.[20]

In 2018, the producer of products of natural origin, LONGGO, was merged with SIA Silvanols, and on July 6, SIA LONGGO was excluded from the Enterprise Register.[21]

On May 6 2020, the company SIA Pharma Invest submitted the prospectus of AS Olainfarm's voluntary share buyback offer to the Financial and Capital Market Commission in order to receive permission to acquire a 10% equity stake. The owners of Pharma Invest are Reinis Martinsons (90%) and SIA Prudentia Private Equity Partners (10%).[22]

On June 17 2021, the management of the company partially changed and Juris Bundulis was elected as the chairman of the board.[23]

In January 2022, AS "Olainfarm" withdrew from the stock exchange.[24]

In April 2024, Olainfarm has established subsidiaries in France, Italy, Spain, Germany and Poland; continues registration of new products in EU[25]

April 2024

Subsidiaries and associated companies

  • Latvijas aptieka Ltd., pharmaceutical retail
  • Silvanols Ltd., producer of natural food supplement, medical devices and OTC medicines
  • Tonus Elast Ltd., producer of elastic medical products


Governance and management

Supervisory Council[26]

  • Jānis Buks – Chairperson of the Supervisory Board
  • Andrejs Leibovičs – Member of the Supervisory Board
  • Roberts Tavjevs – Member of the Supervisory Board
  • Vadims Telica – Member of the Supervisory Board
  • Sergejs Korņijenko – Member of the Supervisory Board


Management Board[27]

  • Juris Bundulis - Chairman Of the Board
  • Andris Jegorovs- Member of the Board
  • Jānis Leimanis - Member of the Board

References

  1. ^ "Home". Joint Stock Company Olainfarm. Retrieved 20 February 2024.
  2. ^ "Olainfarm. Products".
  3. ^ "Olainfarm. APIs - Active pharmaceutical ingredients".
  4. ^ "Olainfarm. Intermediates".
  5. ^ "Olainfarm. Licences and Certificates".
  6. ^ ""Olainfarm" to supply anti-tuberculosis medication to the World Health Organisation". 15 April 2011.
  7. ^ ""Olainfarm"".
  8. ^ "Olainfarm Worldwide".
  9. ^ Jubels, Heinrihs (2002–2009). Latvijas enciklopēdija. Rīga. ISBN 9984-9482-0-X. OCLC 55502782. {{cite book}}: |work= ignored (help)CS1 maint: location missing publisher (link)
  10. ^ "Vēsture - Joint Stock Company Olainfarm". 29 October 2016. Archived from the original on 29 October 2016. Retrieved 6 July 2022.
  11. ^ "Olainfarm. Vēsture". Archived from the original on 29 October 2016. Retrieved 21 April 2016.
  12. ^ ""Olainfarm" piegādās prettuberkulozes medikamentu Pasaules Veselības organizācijai". nra.lv (in Latvian). Retrieved 6 July 2022.
  13. ^ "Atver durvis aptieku biznesam :: db.lv". 3 August 2016. Archived from the original on 3 August 2016. Retrieved 6 July 2022.
  14. ^ ""OlainFarm" acquires controlling stake in "Silvanols"". 5 June 2013.
  15. ^ "The "Export and Innovation Award"".
  16. ^ "Olainfarm Acquires SIA Kiwi Cosmetics, Producer of Eco-cosmetics". 20 January 2016.
  17. ^ "Baltic Market Awards 2015". Archived from the original on 1 June 2016. Retrieved 2 May 2016.
  18. ^ "Olainfarm Plans to Increase Sales of Tonus Elast to 9 Million this Year". 26 May 2016.
  19. ^ "Olainfarm receives award as the best employer in the region of Riga". 13 November 2017.
  20. ^ "Valerijs Maligins, Chairman of the Board of AS Olainfarm Has Passed Away". 10 December 2017.
  21. ^ "Noslēgusies Silvanols un Longgo apvienošanās". Dienas Bizness (in Latvian). Retrieved 6 July 2022.
  22. ^ Bizness, DELFI (7 May 2020). "'Pharma Invest' vēlas iegādāties 10% 'Olainfarm' akciju". delfi.lv (in Latvian). Retrieved 6 July 2022.
  23. ^ Bizness, DELFI (18 June 2021). "Par 'Olainfarm' padomes priekšsēdētāju iecelts Juris Bundulis". delfi.lv (in Latvian). Retrieved 6 July 2022.
  24. ^ "AS "Olainfarm" izstājas no biržas akciju tirgus". Joint Stock Company Olainfarm (in Latvian). 10 January 2022. Retrieved 6 July 2022.
  25. ^ "Olainfarm has established subsidiaries in France, Italy, Spain, Germany and Poland; continues registration of new products in EU". 18 April 2024.{{cite web}}: CS1 maint: url-status (link)
  26. ^ "Olainfarm. Supervisory Council".
  27. ^ "Olainfarm. Management Board".

External links

Retrieved from "https://mdwiki.org/wiki/Olainfarm"