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Sun Acquires Russian Firm Amid Localization Push

 
• By Anju Ghangurde

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

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