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. Last Updated: 07/27/2016

Rusnano in Medical Venture

LONDON — The Russian government has become the leading shareholder in a new drug company with a mission to develop nanotechnology, help the world's poor and list in London and Moscow within a few years.

Pro Bono Bio is formed from the assets of Celtic Pharma, a private equity group based in London, and Rusnano.

A company spokesman said Monday that Rusnano had already invested around £300 million ($477 million) in Celtic's funds and would have a stake of more than 40 percent in Pro Bono Bio.

Pro Bono Bio has a commitment to price its products in different countries based on their ability to pay and donate free drugs to Africa based on sales of products at normal prices in Western Europe.