History

December 4, 1965

The Council of Ministers of the Latvian Soviet Socialist Republic adopted a decision on construction of a chemical-pharmaceutical factory in the town of Olaine.

1968

Construction of the factory was commenced.

October 1972

The first operation of furagin synthesis was carried out. That day is considered as the day of commencement of the operation of the Company, which at that time was named Olaines ķīmiski-farmaceitiskā rūpnīca (Olaine Chemical-Pharmaceutical Plant).

1976

Olaine Chemical-Pharmaceutical Plant became the leading manufacturer in Latvbiofarm association. The production capacity of the enterprise made it possible to supply all the existing factories-manufacturers in the territory of the Soviet Union with active chemical ingredients and semiproducts of corresponding groups.

1980

Synthesis of 15 products was developed. After a while, the management of the enterprise made a decision to produce also finished forms of medicaments. Cooperation with leading scientists of the Soviet Union provided an opportunity to develop a range of high quality and scientifically valuable products.

1991

Historical changes occurred in the political and economic situation in all the former USSR countries, including Latvia. These changes affected also the operation of Olaine Chemical-Pharmaceutical Plant; therefore a decision was made to develop the strongest lines of synthesis (adamantane, quinuclidinone, and other derivatives) for selling products to Western countries.

1997

State enterprise Olaine Chemical-Pharmaceutical Plant was privatized. As a result of the privatization, the enterprise was reorganised into the joint stock company Olainfarm, and its shares were listed on the secondary list of Riga Stock Exchange.

2000

The main objective of the Company became the provision of production quality that would allow it to acquire certificates of quality compliance from leading companies in the world.

2001

After successful audits conducted by such well-known companies as Cilag (Switzerland), Johnson&Johnson (USA) and Sanofi (France), the Company entered the global market as its actual participant in production of active chemical ingredients.

2002

Certificate was obtained according to the inspection requirements of the U.S. Food and Drug Administration (FDA).

2003 – 2004

Grandiose reconstruction of the manufacturing plant was finished in compliance with the requirements of Good Manufacturing Practice of the European Union.

July 30, 2004

JSC Olainfarm obtained a Good Manufacturing Practice certificate of compliance. This certificate symbolized the start of a new period in the Company’s history.

2005

Shareholders of JSC Olainfarm decided on increasing the fixed capital of the Company by 3 million Lats, to 13.25 million Lats.

2006

Considering the positive development dynamics of the Company and the quality of investor relations, shares of the Company were transferred to the most prestigious Main List of the Baltics. Popular anti-virus preparation Remantadīns® (Remantadine) was registered as the first of the Company’s manufactured medicaments in Poland.

2007

  • Project was started for rehabilitation of hazardous waste site Ekolauks under the management of JSC Olainfarm.
  • JSC Olainfarm received the Baltic Stock Exchange award for the best investor relations on the Internet in 2007.
  • JSC Olainfarm in cooperation with Swedish partners Jucker Pharma received an order from the UK branch of Swiss pharmaceutical company Novartis – Novartis Grimsby Limited – for production and supply of chemical pharmaceutical products for the period from February to August 2007. Total amount of the order: 1.166 million Euros.

2008

JSC Olainfarm opened a representation office in Vietnam and started an ambitious sales promotion programme in important sales markets.

2009

At the award ceremony of newspaper Dienas bizness for Top 500 most successful companies in Latvia, JSC Olainfarm received the special award from NASDAQ OMX Riga as the company of the stock exchange with the highest share price increase from early 2009 to 1 November. The Company’s share price in 2009 increased by 160%.

2010

The Company registered its representation offices in Serbia and Tajikistan. The first registered product in Serbia was anti-virus preparation Remavir®.

2011

When the sales promotion programme, which started in 2008, showed significant results, the Company set even higher new records of profit and turnover. For the first time in its history, the Company’s shareholders decided to pay dividends in the amount of 10% from the previous year profit. JSC Olainfarm started building its own chain of pharmacies Latvijas aptieka.

2013

JSC Olainfarm acquired controlling stake in the leading Latvian food supplement company Silvanols.

2014

JSC Olainfarm won the Export Champion 2014 Award at the competition is organised by the Ministry of Economics and the Investment and Development Agency of Latvia.

2015

On 13 January, JSC Olainfarm opened the new finished drug manufacturing plant, which was created with investments of 9.6 million. It consists of a nitrofurane production facility, a production facility of small finished drug series, and a laboratory for the development of finished drug forms.

2016

On 20 January, JSC Olainfarm concludes an agreement on the purchase of 100% of capital shares of the manufacturer of organic cosmetics Kiwi Cosmetics Ltd..

JSC Olainfarm receives an award in the decade nomination “Best 10-year performance” for the biggest share price growth and an increase the Baltic Market Awards ranking.

On 12 May, JSC Olainfarm concludes an agreement on the purchase of 100% of capital shares of the manufacturer of elastic medical products Tonus Elast Ltd..

vilHistory