 "Sun Pharma acquires Russia's Biosintez for $ 24 million")
Sun Pharma has acquired 85.1 percent stake in JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region, for $ 24 million. Sun Pharma will also assume a debt of approximately $ 36 million as part of this transaction.
Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately $ 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, APIs, etc.
“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,” commented Aalok Shanghvi, head of emerging markets, Sun Pharma.
Artur Valiev, country head – Sun Pharma, Russia, added, “This is an important milestone for us. The acquisition signifies Sun Pharma’s commitment to Russia and the Russian 2020 plan for localisation.”
The transaction, expected to be completed by end of 2016, is subject to approval of the Russian Federal AntiMonopoly Service and other closing conditions.
As per IMS (MAT September 2016), the Russian pharmaceutical market recorded sales of approximately $ 10 billion, registering a growth of 7.4 percent in local currency terms.
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