MOSCOW (Reuters) - Russian drug maker Pharmstandard (PHSTq.L: Quote, Profile, Research) (PHST.MM: Quote, Profile, Research) on Friday received clearance to float about 5 percent of its outstanding shares abroad as a means of financing potential mergers and acquisitions.

Pharmstandard, Russia's leading domestic pharmaceutical company and the third-largest drug maker active in Russia, is listed on the London Stock Exchange, where 25 percent of its shares are floated on the form of Global Depositary Receipts.

The company said it had received permission from Russia's Federal Commission of Securities Markets (FCSM) to float an additional 1.89 million shares outside Russia.

"This FCSM permission could be used by major Pharmstandard shareholder Augment Investments Ltd as an additional mechanism for financing potential M&A deals," the company said.

It gave no timeframe for the possible additional listing and said Augment Investments would be "flexible" in choosing its financial instruments.

(Reporting by Robin Paxton; Editing by Erica Billingham)