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24 November 2016Asia

Sun Pharma acquires Biosintez

India-based drugs company Sun Pharma has agreed to acquire Russia-based pharmaceutical business Biosintez.

Sun Pharma will acquire 85.1% of Biosintez for $24 million. It will also resolve a debt of $36 million as part of this transaction.

Aalok Shanghvi, head of emerging markets at 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.”

Artur Valiev, country head of Sun Pharma, Russia, said: “The acquisition signifies Sun Pharma’s commitment to Russia and the Russian 2020 plan for localisation.”

The transaction is expected to be completed by the end of 2016 and is subject to the approval of the Russian Federal Anti-Monopoly Service.