BERLIN, Reuters Generic drugmaker Stada has spun off its Russian business into a separate company called Nizhpharm, the Welt am Sonntag newspaper reported on Saturday, citing a spokesperson from the German company.

Nizhpharm will operate independently and autonomously, the newspaper cited a spokesperson as saying.

Stada declined to comment on the report.

The private equity owners of Stada, which sells consumer healthcare products such as painkillers and sunscreen lotions, as well as biosimilar and generic drugs, are considering selling the company or listing it on the stock exchange, according to sources familiar with the matter.

Reporting by Rachel More and EmmaVictoria Farr, Editing by Linda Pasquini

Source Reuters