Eris Lifesciences buys India formulation business of Biocon Biologics for Rs. 1,242 Cr

Eris Lifesciences Ltd., a leading branded formulations company, announced the acquisition of Biocon Biologics’ India branded formulation business for a consideration of INR 1,242 crore thereby jumpstarting its entry into the Rs. 30,000+ crore injectables market in India and becoming a leading player in the Insulins segment.
The acquisition brings two major insulin brands – Basalog and Insugen – into the Eris fold. These are the largest Indian brands in their respective segments with market shares of over 10%. With this acquisition, Eris’s Diabetes care franchise will soon reach Rs. 1,000 crore in revenue and become the 5 th largest diabetes portfolio in India. This acquisition will also mark Eris’ entry into Oncology and Critical Care. Eris has signed a 10-year supply agreement with Biocon Biologics Ltd. as part of this deal.
Under this agreement, the Biocon product range will continue to be manufactured and supplied to Eris for commercialization in India. This acquisition also provides immediate synergies with the recently acquired Swiss Parenterals business. The Biocon product range can be quickly scaled up by leveraging the product portfolio of Swiss, which consists of 240+ unique molecules. The combination of the two deals also provides margin expansion opportunities through insourcing/ technology transfer of manufacturing to Swiss’ facilities.
Commenting on the acquisition, Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said, “We consider it an honour and privilege to enter into this long-term collaboration with Biocon which is an organisation known for its remarkable pedigree and its pioneering efforts in the Biosimilars space in terms of innovation, product quality and interchangeability. We believe that we will be able to build on their success and take this franchise to new heights. This deal, combined with the acquisition of Swiss Parenterals that we announced last month will turbocharge our entry into the Rs. 30,000+ crore India Branded Injectables market and pave the way for our next INR 1,000 crore vertical in the next 3-4 years. Over the last 2 years we have added a number of strategic growth engines to our portfolio and now we have all the building blocks in place to be able to achieve our target of Rs. 5,000 crore revenue over the next 3-4 years.”
Source: Indianpharmapost