Sun Pharma to acquire 85% stake in Russia’s Biosintez for $60 million

Sun Pharma to acquire 85% stake in Russia’s Biosintez for $60 million . The largest drug firm of India, Sun Pharma, has entered into an agreement with Russian pharma company JSC Biosintez to acquire 85.1 percent equity stake in the Russian firm for $60 million. Out of the total deal value of around $60 million, $24 million will be given for acquiring 85.1 percent equity stake in the Russian firm while the

remaining $36 million will be  assumed as Russian company’s debt. The transaction is however subjected to the approval of the Russian Federal Anti-Monopoly Service and other closing conditions and is expected to be completed by end of 2016,

iv. This acquisition will enable the Drug Major to use local manufacturing capability to serve the Russia pharmaceutical market more effectively,”

v. JSC Biosintez is a Russian pharmaceutical company which is engaged in manufacture and marketing of pharmaceutical products in Russia and CIS (Commonwealth of Independent States) with annual revenues of approximately $52 million for 2015.

Sun Pharmaceutical :

♦  It is an Indian multinational pharmaceutical company that manufactures and sells pharmaceutical products primarily in India and the United States.

♦ Headquarter: Mumbai, Maharashtra,

♦  Founded: 1983

♦  CEO: Dilip Shanghvi