Sun Pharma, a Mumbai, India-based pharmaceutical company, has entered a definitive agreement to acquire 85.1% of JSC Biosintez, a Russian pharmaceutical company, in a deal worth $60 million. The transaction value includes an equity consideration of $24 million for the 85.1% stake and approximately $36 million in debt that Sun Pharma would assume as part of the transaction.

Biosintez is a Russian pharmaceutical company focusing on the hospital segment with annual revenues of approximately $52 million for 2015. It has a manufacturing facility in the Penza region of Russia with capabilities to manufacture a variety of dosage forms, including pharmaceuticals for injections, blood substitutes, blood preservatives, ampoules, tablets, ointments, creams, gels, suppositories, and active pharmaceutical ingredients.

The transaction, expected to be completed by the end of 2016, is subject to approval from the Russian Federal AntiMonopoly Service, an authorized federal executive body, and other closing conditions.

Source: Sun Pharma