Eris Lifesciences has finalized a definitive agreement to purchase Biocon Biologics India-branded formulation division for ₹1,242 crore, a strategic move that bolsters its presence in the domestic injectables market and propels it to a good position in the insulin segment.
According to Krishnakumar Vaidyanathan, Eris LifeSciences Executive Director and Chief Operating Officer, the acquired Biocon Biologics domestic formulations business generated revenues of ₹360 crore, with valuations deemed reasonable. Vaidyanathan stated that the company would now embark on an integration process for its newly acquired businesses.
The acquisition immediately leverages synergies with Eris’ recent acquisition of Swiss Parenterals. Among the assets gained are two prominent insulin brands – Basalog and Insugen, expanding Eris’ diabetes business to approximately ₹1,000 crore in revenue post-acquisition, positioning it as the fifth-largest diabetes portfolio in India encompassing oral drugs and insulin.
As reported by businessline, the two companies have entered a ten-year supply agreement, which includes a technology transfer component. Krishnakumar highlighted that Biocon’s product range will continue to be manufactured and supplied to Eris for commercialization within India.
