Lupin acquires Russian drug firm Biocom

MUMBAI: Lupin, India’s fifth largest drug maker, has entered the Russian market by acquiring 100% stake in Biocom, a fast-growing generic pharmaceuticals firm, for an undisclosed amount. “Russia is an attractive market and this acquisition will also enable our expansion into neighbouring markets,” said Vinita Gupta, CEO at Lupin.

According to consulting firm IMS, Russia is set to become one of the top eight pharmaceutical markets by 2018. Currently, the Russian market is estimated at about $13.8 billion (about Rs 87,000 crore).

This is Lupin’s second overseas acquisition this year. It had acquired 100% stake in Brazil’s Medquímica 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, in financial year 2014. It has 118 employees.