India’s Sun Pharma Buys Russian Company

India’s Sun Pharmaceutical Industries Ltd, the world’s fifth largest specialty generics maker, Nov. 23 said it executed “definitive agreements” to acquire a majority stake in Russian drugmaker JSC Biosintez.

The $24 million purchase of 85.1 percent of JSC Biosintez will give Sun Pharma local manufacturing capability in Russia, which is important because Russia’s procurement norms give preference to locally made drugs.

“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 ...