On Nov 8, Eris Lifesciences announced that it has made a definitive agreement to purchase Biocon Biologics' dermatology and nephrology branded formulations business units in India for a sum of Rs 366 crore.
Eris disclosed that the acquisition would be partially funded through debt financing. Post deal, Eris will acquire not only the working capital but also the key leadership and entire field force of Biocon Biologics. This consists of over 120 personnel from their nephro and derma units, who are expected to transition to Eris.
It is anticipated that the transaction will be concluded by the conclusion of November 2023. The business comprises more than 20 flagship brands, generating a revenue of Rs 90 crore in FY23. The company's current revenue run rate stands at Rs 100 crore.
In the field of organ transplants, there are renowned brands such as Tacrograf and Renodapt. These brands have established themselves as trustworthy and effective options. On the other hand, when it comes to treating chronic kidney disease-induced anemia, emerging brands like Bionesp and Erypro have started gaining recognition. These newer options are making strides in addressing this specific health concern. Eris' medical dermatology portfolio will be bolstered by the addition of Psorid, Tbis, Picon, and Calpsor - renowned brands in the industry.
Eris has a track record of utilizing acquisitions as a strategy to venture into new areas of therapy. In 2017, it expanded into neuropsychiatry by acquiring Strides Shasun's domestic business. Similarly, in 2022, Eris entered the dermatology field by acquiring Oaknet Healthcare and subsequently acquiring brand portfolios from Glenmark and Dr. In the year 2023, Reddy's will be making its appearance in the early part of the year.
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