Sun Acquires Russian Firm Amid Localization Push

India's Sun Pharma, the world's fifth largest specialty generic company, has snapped up the Russian firm, JSC Biosintez, raising its stakes in a market that has moved decisively towards import substitution.

India's top-ranked drug firm, Sun Pharmaceutical Industries Ltd., said that it was acquiring 85.1% of Russia's JSC Biosintez; the equity consideration for the deal is $24m, while Sun will also assume debt of about $36m as part of the transaction.

Sun follows several foreign firms stepping up investments in Russia as the country pares its dependence on overseas imports and encourages local manufacturing. Last year, Russia set out new restrictions...

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