Eris buys 51 percent stake in Swiss Parenterals for Rs 637.5 crore
New Delhi: Eris Lifesciences has said it has acquired a 51 per cent stake in Swiss Parenterals for Rs 637.5 crore.
Ahmedabad-based Swiss Parenterals is a leading player in the sterile injectables business in over 80 emerging markets across Africa, the Asia Pacific and Latin America.
It has two facilities in Gujarat, which produce a wide range of sterile injectable formulations.
"The acquisition of Swiss Parenterals will help us strengthen our India footprint through the launch of a domestic Injectables-focused Branded Formulations business," Eris Lifesciences Chairman and MD Amit Bakshi said in a statement.
Besides, the emerging markets focus of Swiss Parenterals complements Eris's India focus very well, he added.
Eris Lifesciences has expanded its Sterile Injectables footprint through the acquisition of a 51 per cent equity stake in Swiss Parenterals Ltd for a consideration of Rs 637.50 crore, the company said in a statement.
Eris reported a 1 percent increase in its consolidated profit after tax (PAT) at Rs 101 crore for the third quarter ended December 2023.
It had reported a PAT of Rs 100 crore in the year-ago period.
Its revenue rose to Rs 486 crore from Rs 423 crore in the October-December quarter of 2022-23.
Original news source: https://www.ptinews.com/story/business/eris-acquires-51-pc-stake-in-swiss-parenterals-for-rs-637-5-cr/1287866
