Lupin, India's fifth largest drug maker, announced the acquisition of Russia's Biocom, a fast-growing generic pharmaceuticals firm, for an undisclosed amount.
Lupin Chief Executive Officer, Vinita Gupta, said: "We are excited about our entry into the Russian market through Biocom. 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."
According to consulting firm IMS, Russia is set to become one of the top eight pharmaceutical markets by 2018. This is Lupin's second overseas acquisition this year. It had acquired 100% stake in Brazil's Medquimica for an undisclosed sum in May to mark its foray into the South American country.
Biocom is a generics drug maker with focus on therapies for cardiovascular diseases and central nervous system and antimicrobials for systemic use. It also does contract manufacturing and secondary packaging. According to Lupin, Biocom recorded sales of 861.2 million Russian rouble, or about Rs 98.2 crore
Biocom's executive officer Aleksandr Sergeyev said: "I am delighted with Biocom's association with Lupin. 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."
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