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Sun Pharmaceutical Industries to acquire 85 per cent stake in Russian firm JSC Biosintez for USD 24 million

Sun Pharmaceutical On Wednesday Said It Has Entered Into An Agreement To Acquire 85 Per Cent Stake In Russian Firm JSC Biosintez For USD 24 Million.

News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 23 Nov 2016, 01:19:02 PM
Sun Pharmaceutical Industries Ltd - File Photo

New Delhi:

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

As per reports in Economic Times, 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). 

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. 

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First Published : 23 Nov 2016, 12:34:00 PM