Acquisitions14 Mar 2024, 09:02 pm
Eris Lifesciences Acquires Biocon Biologics' India Branded Formulations Business for INR 1,242 Crore
AI Summary
Eris Lifesciences, a leading branded formulations company in India, has announced the acquisition of Biocon Biologics' India branded formulation business for INR 1,242 crore. This acquisition brings two major insulin brands - Basalog and Insugen - into Eris's portfolio, making it a leading player in the Insulins segment and a significant player in the INR 30,000+ crore injectables market in India. The deal also marks Eris's entry into Oncology and Critical Care. Eris has signed a 10-year supply agreement with Biocon Biologics Ltd. for the continuation of manufacturing and supplying Biocon's product range. The transaction is expected to be funded through debt financing and achieve financial closure before 15 April 2024.
Key Highlights
- Eris has acquired Biocon Biologics’ Branded Formulations India business for INR 1,242 crore
- Eris has signed a 10-year supply agreement with Biocon Biologics Ltd.
- The scope of the acquisition includes Biocon’s Insulin, Critical Care and Oncology portfolios
- Over 435 employees (including 325+ MRs) are expected to transition from Biocon to Eris
- The transaction will be funded through debt financing