Eris buys Biocon arm’s branded drugs for 1,242 crore
Biocon is selling branded formulations of its subsidiary Biocon Biologics to Eris Lifesciences for Rs 1,242 crore. The deal will jumpstart Eris’s entry into the over Rs 30,000-crore injectables market in India, and become a leading player in the insulins segment, with acquisition of two major brands – Basalog and Insugen.
It will also mark entry of Eris into oncology and critical care, which are part of the portfolio valued around Rs 350 crore, Krishnakumar Vaidyanathan, executive director and chief operating officer, Eris Lifesciences, said.
Under this deal, Eris has also signed a 10-year supply agreement with Biocon Biologics. The Biocon product range will continue to be manufactured and supplied to Eris for commercialisation in India. The acquisition of Biocon’s insulin brands, valued around Rs 200 crore, will add to Eris’ existing insulin portfolio of Rs 50 crore, Vaidyanathan added. This acquisition also provides immediate synergies with recently acquired Swiss Parenterals business, a company statement says.
