Aurobindo Pharma eyes Russia biz of Shreya Life

MUMBAI: Aurobindo Pharma Limited is in talks to buy the Russia business of Mumbai-based Shreya Life Sciences Private Ltd in a deal potentially valued between $80 million and $100 million, two people aware of the talks said on condition of anonymity.

According to the people, Aurobindo Pharma has given a term sheet and talks are hinged on the final valuation. “SLPL is keen to retain a part of the business and may decide against selling everything,” the first person mentioned above said.

Set up in 2001, Shreya Life Sciences began its Russia operation in 2002. It offers more than 31 prescription, over-the-counter and generic products in Russia.

Apart from Russia, the company also has operations in Ukraine, Uzbekistan, Belarus and Kazakhstan in the region and globally in Africa, South America and Southeast Asia. It has a product portfolio comprising more than 200 products across various therapeutic segments.

According to recent corporate filings, Shreya Life Sciences generated net sales of ₹268.92 crore in 2015-16, as compared with ₹354.68 crore in 2014-15.

An email sent to Aurobindo Pharma was not answered till press time. A spokesperson from Shreya Life Sciences said, “We are not considering any sale of Russian business. We have market authorisation/registrations which are not being used by us in Russia and we are at exploring partners for co-marketing rights for the registrations.”