India-based pharmaceutical company Eris Lifesciences is set to acquire Biocon Biologics’s nephrology and dermatology formulations unit for a consideration of Rs 366 crore, inclusive of working capital conveyed as part of the deal, according to a company statement.
The key leadership and entire field force of the unit, consisting of over 120 personnel, are expected to move to Eris post-deal.
The acquisition of the two Biocon business units in India marks Eris’s entry into nephrology and dermatology. This is a strategic addition to the company’s flagship cardiometabolic business.
Post-deal, Eris will offer end-to-end care to patients including for diabetes and hypertension all through to chronic kidney diseases. Eris would also become the second-largest player in psoriasis care with an 11% market share.
“This divesture of non-core assets allows Biocon Biologics to unlock value within our Branded Formulations portfolio in India and sharpen focus on our core therapy areas like diabetes, oncology, and immunology. We believe that Eris Lifesciences is well positioned to build further on the dermatology and nephrology franchise in India,” said Shreehas Tambe, CEO, Biocon Biologics.
According to information available on its website, Biocon Biologics is one of the leading insulin producers in the world with a portfolio comprising basal, mixed, and rapid-acting insulins used to treat diabetes.
Established in 2007, Eris is a publicly listed Indian pharma company with a pure-play domestic branded formulations business model. The company focuses on chronic and sub-chronic lifestyle-related therapies and high-end super-specialist doctors and consulting physicians.