Grindeks and Tallinn pharmaceutical plant have signed concern agreement

JSC  "Grindeks"  and  management  of  Tallinn Pharmaceutical Company on

March  12 have signed concern agreement. This agreement was accepted by

shareholders  general  meeting  of  Tallinn  Pharmaceutical plant. This

agreement  regulates  trade,  marketing, product development, financial

and production co-operation of both companies.

Grindeks  as  a  mother  company  will  develop operational strategy of

concern,  but  Tallinn  Pharmaceutical  Company is responsible for long

term development plan based on concern strategy.

Grindeks  will remain exclusive export rights of Tallinn Pharmaceutical

Company  output,  but  Tallinn  Pharmaceutical Company will continue to

sell Grindeks production in Estonian market.

Signed  agreement will allow to optimise expenses, use resources of the

concern  more  rationally and efficiently and to increase profitability

of companies as well as whole concern.

It has to be mentioned that Grindeks and Tallinn Pharmaceutical Company

have  successfully  co-operated  in  trade since 1998. Signed agreement

widens this co-operation.

JSC "Grindeks" owns 54% of Tallinn Pharmaceutical Company capital.