Last year, the Russian pharmaceutical market recorded RUB765bn ($13.6bn) in sales, according to IMS Health.
Biocom mainly focuses on therapies such as cardiovascular, central nervous system (CNS) and antimicrobials for systemic use and also does contract manufacturing and secondary packaging.
The Russian firm operates a modern European GMP compliant plant and also received an approved manufacturer status from the World Health Organization (WHO) in 2013.
Lupin chief executive officer Vinita Gupta said: "Russia is an attractive market and this acquisition will also enable our expansion into neighboring markets as well as other Eastern European markets in the future."
Lupin Europe president and Inhalation Strategy head Maurice Chagnaud said: "Biocom is a fast growing pharmaceutical player and has recorded very positive results over the past five 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."
Earlier this year, Lupin also acquired Medquimica, a Brazilian pharmaceutical firm engaged in the development, manufacturing & commercialisation of branded generics, pure generics and OTC products.