New Delhi: The country's largest drug firm Sun Pharma on Wednesday said it has signed definitive agreements to acquire 85.1 percent stake in Russia-based JSC Biosintez for USD 24 million.
Sun Pharma would also assume a debt of about USD 36 million as part of this transaction.
"Sun Pharma today announced the execution of definitive agreements by its wholly owned subsidiary, for the acquisition of 85.1 percent of JSC Biosintez, a Russian pharmaceutical company engaged in manufacture and marketing of pharmaceutical products in Russia and CIS region," the company said in a statement.
Biosintez focuses on the hospital segment with annual revenues of about USD 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, it said.
Aalok Shanghvi, Head of Emerging Markets, Sun Pharma, said: "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".
The transaction, which is expected to be completed by end of 2016, is subject to approval of the Russian Federal Anti-Monopoly Service and other closing conditions, the company added.