associate sponsors


Sun Pharma to acquire Russian co JSC Biosintez for $60 million

Chennai: Drug major Sun Pharmaceutical Industries Ltd on Wednesday said it has entered into an agreement to acquire Russian pharma company JSC Biosintez for $24 million.

The Indian company will also assume Russian company's debt of $36 million, Sun Pharma said in a statement.



The total deal size works out to $60 million ($26 million for 85.1 per cent equity stake and $36 million Russian company's debt).

According to Sun Pharma the acquisition will be done by its wholly owned subsidiary.

Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately US$52 million for 2015.

It has a manufacturing facility in Penza region with capabilities to manufacture a wide variety of dosage forms including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointment, creams, gels, suppositories and others.

"This acquisition is consistent with Sun Pharma's philosophy to invest in strategic Emerging Markets. This transaction gives us access to local manufacturing capability across multiple dosage forms in Russia, enabling us to serve the Russia pharmaceutical market more effectively," Aalok Shanghvi, Head of Emerging Markets, Sun Pharma was quoted as saying in the statement.

The transaction, expected to be completed by end of 2016, is subject to approval of the Russian Federal Anti-Monopoly Service and other closing conditions.

As per IMS (MAT September 2016), the Russian pharmaceutical market recorded sales of approximately US$ 10 billion. The market recorded a growth of 7.4 percent in local currency terms as per IMS.

Updated Date: Nov 23, 2016 12:13 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See