Sun Pharma to acquire Russian firm for $60 mn

The Indian company will also assume Russian company’s debt of $36 mn, Sun Pharma said in a statement. The total deal size works out to $60 mn ($26 mn for 85.1 per cent equity stake and $36 mn Russian company’s debt). 

Sun Pharma says 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 $  52 mn 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.