Eris Lifesciences to acquire Oaknet Healthcare for Rs 650 crore
Mr Krishnakumar V, Executive Director & Chief Operating Officer of Eris Lifesciences Ltd., added, "The acquisition of Oaknet brings marquee brands like Cosvate and Cosmelite into the Eris portfolio."
Mumbai: Eris Lifesciences Limited, a Indian branded formulations manufacturing company, has announced its acquisition of a 100% stake in Mumbai-based dermatology focused domestic formulations company Oaknet Healthcare Pvt Ltd for a total consideration of Rs 650 crore (INR 6,500 mn).
The deal will be financed by INR 3,000 mn of internal accruals and INR 3,500 mn of borrowings.
With a revenue base of INR 1,950 million in FY22, Oaknet brings a well-established portfolio of leading brands in Dermatology and Women's Health to the Eris stable. Eris' Specialty Franchise will get a significant impetus with this acquisition with Eris now present in 87% of the INR 55,000 crore Chronic Market, with a significant presence in the major Chronic Therapies in the IPM – Cardiology, Oral diabetes care, Insulin, Neuro/CNS and Dermatology. Oaknet has near 100% coverage of approx. 11,000 Dermatologists across India with a 60% penetration and has a pan India sales and distribution presence.
Read also: Eris Lifesciences launches TruSaniz hand sanitizer; appoints Shilpa Shetty as brand ambassador
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