On October 29, 2020 the Supreme Court of Ukraine satisfied the cassation claim filed by the pharmaceutical company Darnitsa and cancelled the decision of the North Business Court of Appeal of Kyiv of August 25,2020 on Darnitsa’s purchase of PJSC SIC Borshchahivskiy CPP stocks during the process of state privatization in 2015.
The Supreme Court has also upheld the ruling of the Business Court of Kyiv of the November 4, 2019, that ruled Darnitsa has purchased the stocks legitimately. Earlier the Supreme Court has also confirmed the legitimacy of the decisions made by the Antimonopoly Committee of Ukraine on giving Darnitsa the permission of merger clearance by purchasing the mentioned stocks of the PJSC SIC Borshchahivskiy CPP.
Supreme Court motivated its decision by stating that the disputed auction and the exchange-traded contract signed by Darnitsa do not violate the rights and interests of the Borshchahivskiy Chemical-Pharmaceutical plant. In 2019 Supreme Court had already denied satisfying the same kind of demands filed by minority shareholders of theBorshchahivskiy CPP on the same grounds. Some of those minority shareholders are also members of the company’s management team. The Supreme Court decisions on this case are definitive and can’t be disputed.
As it was reported earlier, on March 20, 2015 Pharmaceutical company Darnitsa purchased a pile of 3100 stocks which is 29.95 % of the authorized share capital of the PJSC SIC Borshchahivskiy CPP, from the Kyiv City Hall Department of Public Property after a stock exchange auction.
Pharmaceutical company Darnitsa was founded in 1930. Since 1998 the company has been a leader of Ukraine’s medicines market production in terms of volume. Cardiology, neurology and pain problems salvation are among the strategic courses of development of the company. The Zagoriy Family are the ultimate beneficiaries of the company.
PJSC SIC Borshchahivskiy CPP is among top-20 biggest pharmaceutical producers of Ukraine. It is also a member of the Pharmaceuticals Producers of Ukraine Association of Ukraine. The enterprise has a balanced product portfolio: pharmaceutical products (more than 100 brands), disinfectants, veterinary medicine pharmaceuticals, diet/food supplements.