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Kinstellar advises on Central Asia’s largest healthcare PPP project
Kinstellar is proud to announce its involvement in the development of Central Asia's largest public-private partnership (PPP) medical facility in Kokshetau, Kazakhstan. With financing led by the European Bank for Reconstruction and Development (EBRD) and the Asian Infrastructure Investment Bank (AIIB), this project marks the region's first healthcare PPP, supported by a EUR 365 million financing package from six major financial institutions. The 630-bed, multi-disciplinary hospital will operate under a greenfield PPP model, serving over 730,000 residents in Kokshetau and the broader Akmola region. Designed to achieve both LEED "Silver" and EDGE certifications, the facility embodies a strong commitment to sustainability
Kinstellar advises Ardian on the Romanian side of the transaction for the acquisition of a majority interest in Vista Vision
Kinstellar is proud to have advised Ardian, one of the world’s leading private equity investment companies, on the Romanian side of the transaction for the acquisition of a majority interest in Vista Vision, a leading provider of healthcare services specialising in ophthalmic and refractive surgery. The transaction includes the indirect acquisition of 100% of the shares in two Romanian subsidiaries, Vista Vision and SIM Vision. Headquartered in Milan, Vista Vision was founded in 2003 and currently operates 12 clinics across Italy and five in Romania. The company is a leader in opthalmology healthcare, specialized in laser eye surgery for the correction of myopia and cataract surgery. Kinstellar’s legal team
Ukraine advances toward introducing medical cannabis circulation
During September and early October, the Ukrainian government adopted secondary legislation to further the implementation of the so-called Cannabis Law. Click on one of the images below or use the following links to read our overview in English or in Ukrainian. Download in English: Download in Ukrainian:
Hugh Owen, a top M&A lawyer in Central and South Eastern Europe, joins Kinstellar as Partner
Kinstellar is very pleased to announce that Hugh Owen joins the Firm as a Partner, effective 1 October 2024. Hugh is a very well-known leading M&A lawyer in the Central and South Eastern European region with an impressive track record. He spent over 23 years at Allen & Overy, including 13 years as a partner. He then ran his own law firm and M&A training business for four years as a sole practitioner, closing over 20 deals with a combined value of over EUR 2.5 billion. For two years from July 2022 to June 2024 he served as Head of Legal Business Solutions for PwC CEE, responsible for the strategy for Legal in over 25 jurisdictions, including Eurasia, core CEE countries, the Baltics, Ukraine and South-Eastern
Ukraine leaps forward in its cannabis policy
A cannabis law passed by the Ukrainian parliament back in December of last year, will come into force on 16 August 2024. Developed in compliance with EU regulations, the law represents a significant overhaul of cannabis regulations in Ukraine. Secondary cannabis-related legislation is expected to be drafted by the Ukrainian government by the end of May 2024. Click on one of the images below or click on the following links to read the overview in English or in Ukrainian. Down load in English: Download in Ukrainian:
Amendment adopted to Czech Pharmaceuticals Act to address drug shortages
An amendment to the Pharmaceuticals Act has been adopted by the Czech parliament and officially published. As already reported in our previous newsletter, the aim of the amendment is to improve the availability of medicines on the market and to mitigate the potential negative impacts of recent and ongoing medicine supply shortages. The amendment creates new obligations for operators in the medicines market, in particular (i) additional obligations following the interruption or discontinuation of the supply of a given medicinal product; and (ii) a mandatory system of reserve stocks. Following a number of additional changes made by Czech legislators, the national pharma regulator, the State Institute for Drug Control
Cannabis use: CEE regulatory update
Significant changes in the regulation of cannabis use have occurred in some countries in Central and Eastern Europe since our last report. In addition to a number of countries gradually legalising the use of cannabis for medical purposes, increasing efforts by some countries are being seen to also legalise the use of cannabis for recreational use, as well as the use of other products containing various cannabinoids, most importantly cannabidiol (CBD). Click here to read a summary of recent changes related to the national regulation of this rapidly growing sector across Central and Eastern Europe. For any other details or information, please contact Tomáš Čihula, Partner. Contributors:
New regulation of telemedicine in the Czech Republic
The Czech Republic should soon have its own legal regulation for telemedicine. A government proposal is on its way to the Parliament to introduce a basic definition of telemedicine. Until now, there has been no legal definition, which in practice has led to many uncertainties and questions, including the possibility and conditions of provision by healthcare providers, but also, for example, the admissibility of reimbursement by health insurance companies. The proposed amendment to the Health Services Act should remove this uncertainty and will explicitly state that telemedicine is a legally permitted way of providing health services and will set out the framework conditions. Telemedicine services are defined
Czech amendment to the Medicines Act seeks to address drug shortages
On 14 June 2023, the Czech government approved a draft amendment to the Medicines Act. The aim is to improve the availability of medicines on the market and to mitigate the potential negative impacts of recent and ongoing medicines supply shortages. To this end, the proposed amendment creates new obligations for operators in the medicines market, in particular (i) additional obligations following the interruption or discontinuation of the supply of a given medicinal product; and (ii) a mandatory system of reserve stocks. The specific proposed form of these obligations is as follows: (i) Obligations after a supply interruption or termination Under the proposed plan, marketing authorisation
Current eHealth trends in CEE and Turkey
The healthcare industry in Central and Eastern Europe and Turkey is undergoing a digital transformation, with telemedicine at the forefront. Governments and healthcare providers are adopting digital solutions to improve medical services and support healthcare system digitization, which can increase efficiency, reduce costs, and improve access to healthcare. Click on this link or the image below to read the overview put together by a team of our experts led by Partner Tomáš Čihula.
Kinstellar advises on an IFI-financed pharma sector acquisition in Uzbekistan
Kinstellar is delighted to announce that it has advised a holding company of a leading Ukrainian pharmaceutical company, YURiA PHARM, on the two-stage acquisition of a pharmaceutical company in Uzbekistan. The acquisition, which was supported by financing from an international financial institution, will enable Yuria Pharm to maintain exports despite the war, localise and increase production in Uzbekistan as well as allocate more critical medicine to the market in Ukraine. Our team undertook comprehensive due diligence and advised on transactional, corporate governance, regulatory, anti-trust as well as financing-related and other matters. Kinstellar’s team was led by Sherzod Yunusov, Partner, with the support
Slovak court orders public health insurance provider to pay EUR 2 million for the medicinal product Zolgensma, citing discrimination
Zolgensma[i] is an orphan medicinal product designated by the European Medicines Agency for the treatment of spinal muscular atrophy (“SMA”), a long-term debilitating and life-threatening disease that causes breathing difficulties and paralysis that worsens over time. Zolgensma, which has been authorised in the EU since 18 May 2020, was developed by AveXis EU, Ltd. and later acquired by Novartis. On 13 March 2023, the Bratislava V District Court issued an injunction against public health insurance provider Všeobecná zdravotná poisťovňa (General Health Insurance, "VsZP"), ordering it to pay for Zolgensma, which is not reimbursed by the Slovak public health insurance system. This is the first court decision ordering