Business Standard

Don’t miss the latest developments in business and finance.

Lupin gains on acquisition of Russian drug firm Biocom

The stock was up 2% at Rs 1,915 on the BSE.

Bs_logo
Lupin
SI Reporter Mumbai
Last Updated : Jul 03 2015 | 10:24 AM IST
Shares of Lupin were trading higher by 2.4% to Rs 1,915 on the BSE after the drug maker announced the acquisition of Russian firm Biocom for an undisclosed amount.

The company has acquired 100% equity stake in ZAO Biocom in Russia subject to certain closing conditions, Lupin Ltd said in a press release.

The acquisition marks the company’s foray into the Russian pharmaceutical market which recorded RUB 765 billion in sales, placing it as one of the top ten markets in the world in 2014, it added.

As per the IMS sales data, for over a decade Russian pharmaceutical market has recorded double digit growth and expected to continue with this trend, projecting Russia to be one of the top 8 pharmaceutical markets in the world by 2018.

The stock opened at Rs 1,900 and touched high of Rs 1,917 on the BSE so far. A combined around 274,000 shares changed hands on the counter on the BSE and NSE.
 

More From This Section

First Published: Jul 03 2015 | 10:21 AM IST

Next Story