Deals14 Mar 2024, 08:40 pm
Biocon Ltd. Announces Sale of Branded Formulations Business in India to Eris Lifesciences for INR 12,420 million
AI Summary
Biocon Biologics Limited, a subsidiary of Biocon Ltd., has approved the sale of its branded formulations business in India to Eris Lifesciences Limited on a ‘slump sale’ basis. The total transaction value is INR 12,420 million, representing an accretive multiple of 3.4x of revenues and 18x of EBITDA. Over 430 employees are expected to transition to Eris, and Biocon Biologics has signed a 10-year supply agreement as part of the deal. The transaction is expected to be completed before April 15, 2024.
Key Highlights
- Biocon Biologics sells branded formulations business in India to Eris Lifesciences for INR 12,420 million.
- The deal represents an accretive multiple of 3.4x of revenues and 18x of EBITDA.
- Over 430 employees expected to transition to Eris, ensuring continuity for both employees and patients.
- Biocon Biologics signs a 10-year supply agreement with Eris.
- Transaction to be completed before April 15, 2024.