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Russian firm to buy troubled Biopure corporation in the US

This article was originally published in Scrip

Executive Summary

OPK Biotech, a US subsidiary of the Luxembourg-based OPK Luxadvor owned by Sergei Pugachev, one of Russia's oligarchs, is to acquire the assets of Biopure Corporation, a troubled US biotech company, at a recent bankruptcy court auction in Boston. Biopure filed for chapter 11 bankruptcy protection in the US on July 16th, when its total debt had reached $2.7 million and its assets were worth an estimated $5.1 million.

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