TOKYO -- Lured by the growth prospects of Russia's pharmaceutical market, Japanese trading house Mitsui & Co. is considering investing in Moscow-based drugmaker R-Pharm.
Mitsui is expected to flesh out details by the end of the current fiscal year through March 2017. The company could spend more than 10 billion yen ($96.3 million) to take a stake of just over 10% in R-Pharm.
Mitsui has been beefing up medical-related operations, eyeing such fields as contract manufacturing of pharmaceuticals and production of generic drugs. In July, the company decided to buy into the Columbia Asia group, a major hospital operator.
In Russia, Mitsui is joining hands with the Japan Bank for International Cooperation to invest a combined 34 billion yen in state-run power company RusHydro.
Japanese Prime Minister Shinzo Abe is seeking to deepen ties with Moscow. Mitsui's R-Pharm deal could be positioned as part of economic cooperation between Japan and Russia.