India-based drugmaker Lupin has acquired 100% equity interest in Russian generic pharmaceutical firm ZAO Biocom, allowing it to expand the operations in Russian pharmaceutical market.
The deal’s terms have not yet been disclosed.
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Lupin CEO Vinita Gupta said: "Russia is an attractive market and this acquisition will also enable our expansion into neighbouring markets, as well as other Eastern European markets in the future."
Founded in 1991, Biocom produces therapies for the cardiovascular and central nervous systems, as well as antimicrobials for systemic use. The company is also involved in the contract manufacturing and secondary packaging.
It operates a modern European GMP compliant plant and is claimed to be one of the first Russian pharmaceutical manufacturing firms to secure an approved manufacturer status from the World Health Organisation (WHO) in 2013.
With around 118 employees, Biocom reported sales of around Rs861.2m ($15.3m) in 2014.
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By GlobalDataBiocom executive officer Aleksandr Sergeyev said: "Having found, built and developed Biocom together with Igor Rudinskiy for so long, I firmly believe that the future and growth of Biocom would be best handled by the management and technology expertise that Lupin brings to table."
In May this year, Lupin acquired 100% equity interest in Brazilian pharmaceutical firm Medquímica Indústria Farmacêutica.
Lupin develops and markets different branded and generic formulations, as well as biotechnology products and active pharmaceutical ingredients (APIs).
The firm’s products are used in applications, including cardiovascular, diabetology, asthma, paediatric, central nervous system (CNS), and anti-infective.
