This loan will facilitate the construction of Pliva d.d.’s new state-of-the-art research institute in Zagreb for the development of new pharmaceutical substances.
The project will significantly enhance Pliva's ability to develop new substances and expand its generic pharmaceuticals portfolio. A strong product line is the cornerstone of Pliva’s business strategy for the period following the expiry of the company's azithromycin patent in the US.
The project will strengthen Pliva's research and development capacity, particularly in the field of macrolides, and will assist the company in becoming an important regional player in the pharmaceutical industry.
Pliva d.d. is the largest pharmaceutical company in central and eastern Europe with 1999 sales of approximately US$ 586 million (€614 million) and a market capitalisation of US$ 1.1 billion (€1.2 billion). The company’s core business includes a wide range of human and animal medicines and fine chemicals (bulk substances).
The Bank will co-underwrite, alongside IFC, a US$75 million (€82 million) 7-year unsecured loan. The Bank's exposure will be US$37.5 million (€40.6 million) of which up to US$12.5 million (€13.5 million) may be syndicated to commercial banks.
The total project cost is US$113 million (€123 million).
The project was screened as B/0 requiring an environmental analysis. Pliva performed very well from the environmental perspective on the Bank's first financing. The company is progressively implementing the Environmental Action Plan developed in 1995; the most recent update on its implementation was sent to the Bank in February 2000. An audit of the new Azithromycin plant (financed from the EBRD's first loan) carried out by the US Food and Drug Administration (FDA) in October 1999 confirmed compliance with US good manufacturing practices. Pfizer's own environmental audit of the new Azithromycin plant carried out in December 1999 confirmed that environmental, health and safety considerations were included in the design of the facility.
IFC and EBRD carried an environmental analysis of the new research facility. The analysis confirmed that the project will be constructed in accordance with best international practice; environmental impacts are minimal and mitigation measures in accordance with national and EU standards.
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