Drug major Sun Pharmaceuticals Industries Ltd. on Wednesday said it will acquire Russian firm Biosintez for an enterprise value of around $60 million as part of its consistent focus on emerging markets.
The company in a filing to Bombay Stock Exchange said as per agreement, it will acquire 85 percent stake in the Russian firm, which is engaged in manufacture and marketing of pharmaceutical products in Russia and CIS (Commonwealth of Independent States). 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. The Indian company will also assume Russian company’s debt of $36 million, it said. “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 of Sun Pharma, said in a statement.