Enters into agreement to acquire 85.1% in JSC Biosintez
Sun Pharmaceutical Industries announced that the Company (including its subsidiaries and/or associate companies), has entered into an agreement to acquire 85.1% of JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region.The cash consideration for the acquisition includes approximately USD 24 million for equity consideration of shares. Sun Pharma would also assume a debt of approximately USD 36 million as part of the transaction. The acquisition is expected to complete by end 2016.
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