Acquisition marks Lupin's foray into the Russian pharma market, which recorded RUB765bn in sales in 2014
Lupin has announced the acquisition of a 100% equity stake in ZAO ‘Biocom’ in Russia, subject to certain closing conditions.
Established in 1991, Biocom is a fast-growing generic pharmaceutical company with a major focus on therapies such as cardiovascular, central nervous system and antimicrobials for systemic use, and also does contract manufacturing and secondary packaging.
The company recorded sales of RUB861.2m in 2014 and has 118 employees. Biocom operates a modern GMP-compliant plant and was also one of the first Russian pharmaceutical manufacturing companies to receive an approved manufacturer status from the World Health Organisation (WHO) in 2013.
Commenting on the acquisition, Ms Vinita Gupta, Chief Executive Officer of Lupin Limited, 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.’
Dr Maurice Chagnaud, President, Europe, and Head of Inhalation Strategy, commented: ‘Biocom is a fast-growing pharmaceutical player and has recorded very positive results during the past 5 years. The acquisition also provides us with a strong platform to grow into the Russian market and has a lot of synergy with Lupin's global research, technology, manufacturing and commercial expertise, not to mention our global high quality product pipeline, all of which we shall leverage to grow Biocom into a market leader in the years to come.’
Mr Aleksandr Sergeyev, Biocom's Executive Officer, commented: ‘I am delighted with Biocom's association with Lupin. Having found, built and developed Biocom together with Mr 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 the table. I wish Biocom and Lupin the very best in their future endeavours.’