Eris Lifesciences Ltd., a prominent player in branded formulations, has made a significant stride in the Indian pharmaceutical landscape with the acquisition of Biocon Biologics’ India branded formulation business for a substantial sum of INR 1,242 crore. This strategic move catapults Eris into the lucrative INR 30,000+ crore injectables market in India, while also solidifying its position as a leading contender in the Insulins segment.

The acquisition brings onboard two major insulin brands – Basalog and Insugen – boasting substantial market shares exceeding 10% each, cementing Eris’s foothold in the diabetes care segment. With this addition, Eris’s Diabetes care franchise is set to witness a remarkable surge in revenue, soon projected to hit the INR 1,000 crore mark, positioning it as the 5th largest diabetes portfolio in India. Moreover, this acquisition marks Eris’s foray into Oncology and Critical Care, diversifying its product portfolio and expanding its market presence.

A 10-year supply agreement inked between Eris Lifesciences Ltd. and Biocon Biologics Ltd. accompanies this acquisition, ensuring continuity in the supply chain and uninterrupted access to Biocon’s renowned product range for commercialization in India. Leveraging synergies with the recently acquired Swiss Parenterals business, Eris anticipates rapid scalability of the Biocon product range, augmented by Swiss’s extensive portfolio of over 240 unique molecules. Additionally, the amalgamation of these two deals presents opportunities for margin expansion through manufacturing insourcing and technology transfer to Swiss’s state-of-the-art facilities.

Expressing his enthusiasm, Mr. Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., commented, “We are privileged to embark on this long-term collaboration with Biocon, a stalwart known for its trailblazing efforts in the Biosimilars domain. This acquisition marks a pivotal moment for Eris as we aim to propel the acquired franchise to unprecedented heights. With the recent addition of Swiss Parenterals and a host of strategic growth engines in our portfolio, we are well-positioned to achieve our ambitious revenue target of Rs. 5,000 crore over the next 3-4 years.”

Key deal highlights include:

– Definitive agreement to acquire Biocon Biologics’ Branded Formulations India business for INR 1,242 crore
– Signing of a 10-year supply agreement with Biocon Biologics Ltd.
– Acquisition encompasses Biocon’s Insulin, Critical Care, and Oncology portfolios
– Transition of over 435 employees, including 325+ MRs, from Biocon to Eris
– Funding of the transaction through debt financing
– Expected financial closure before April 15, 2024

This landmark deal marks a significant milestone in Eris Lifesciences’ journey, positioning the company for exponential growth and further consolidation in the Indian pharmaceutical market.

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