Penza, 23 November 2016. PenzaNews. “Sun Pharma” informed that its wholly owned subsiadiarysigned the agreement on acquisition of 85.1% of the JSC “Biosintez” that produces and sells medicaments in Russia and in Commonwealth of Independent States and is located and registered in Penza. This was said during the press release of the Sun Pharma organization.

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“85.1% of the joint stock is estimated at 23 million US dollars. As a part of the agreement, Sun Pharma takes the responsibility of the company’s liabilities that amount to 32 million US dollars,” the document states.

The agreement is expected to provide access for the Indian pharmaceutical company to the local manufacturing base of the wide range of pharmaceutical forms.

In order to finish the transaction by the end of the 2016 year, it must be approved by the Federal Antimonopoly service of Russia and meet other transaction completion requirements.

JSC “Biosintez” is the Russian company that pays special attention to the hospital segment of the pharmaceutical market. The product portfolio contains 180 types of medicine with the official income of 45 million dollars. JSC “Biosintez” has a manufacturing enterprise in the Penza region.