Lupin up 2.5% on Russia's Biocom acquisition

Mumbai: Shares of drug major Lupin on Friday gained 2.5 percent after the company announced acquisition of Russia's Biocom, marking its foray into the Russian pharma market, which is expected to be one of the top eight in the world by 2018.

The stock rose 2.52 percent to Rs 1,917 on BSE.

On NSE, it was up 2.5 percent at Rs 1,917.

The company has taken 100 percent stake in ZAO Biocom in Russia, subject to certain closing conditions, Lupin had said in a statement yesterday without disclosing the financial details.

Set up in 1991, Biocom is a generic pharma company with focus on therapies such as cardiovascular, central nervous system and antimicrobials and also does contract manufacturing and secondary packaging.