Pharmaceutical formulations giant made an acquisition worth Rs 1,242 crore!

Eris Lifesciences , a leading pharmaceutical formulations company, has announced the acquisition of the branded formulation division of Biocon Biologics for Rs 1,242 crore. The acquisition will be funded through debt. This move comes on the heels of Eris acquiring a 51 per cent stake in Swiss Parenteral for Rs 637 crore in February, emphasising the company's aggressive expansion strategy. The rationale behind this move This acquisition will give Eris a headstart in the Indian injectables market, worth over Rs 30,000 crore. Notably, this acquisition will include buying two key insulin brands, Basalog and Insugen, with market shares of 14 per cent and 10 per cent, respectively. This will position Eris as a leading player in the Indian insulin segment. According to company reports, these brands collectively boast a revenue potential of Rs 200 crore. Additionally, this move will mark Eris's foray into the oncology and critical care segment. It has also entered into a ten-year supply agreement with Biocon, under which the latter's products will be manufactured and supplied for commercialisation in India. Rising revenue, muted profits Financials (Rs cr) TTM Mar-23 Mar-22 Mar-21 2Y growth (% pa) Revenue 1,861 1,685 1,347