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Eris Lifesciences to acquire Onabet, Halobate and 7 other dermatology brands from Glenmark Pharma for over Rs 338 crore

Bengaluru: Indian drugmaker Eris Lifesciences Ltd said on Tuesday it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for 3.4 billion rupees ($41.63 million) to deepen its presence in the anti-fungal and anti-psoriasis segments.The deal, through Eris' dermatology-focused unit, is for the purchase of nine brands, including Onabet, Halobate, Sorvate,...
Bengaluru: Indian drugmaker Eris Lifesciences Ltd said on Tuesday it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for 3.4 billion rupees ($41.63 million) to deepen its presence in the anti-fungal and anti-psoriasis segments.
The deal, through Eris' dermatology-focused unit, is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal, Eris said.
Glenmark said, post divestiture of the brands, it will further consolidate its position in the core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology segments.
Read also: Glenmark Pharma unveils lower cost alternative to Bumex Injection
The deal for the portfolio that has an annual revenue base of 850 million rupees, will be financed through borrowings, and the transaction is expected to achieve financial closure very soon, Eris said.
Separately, Eris on Tuesday reported a consolidated net profit of 1.02 billion rupees in its third quarter, from 1.01 billion rupees a year earlier
Read also: Eris Lifesciences to acquire Oaknet Healthcare for Rs 650 crore
M.Com
Ruchika joined Medical Dialogue as an Desk Editor for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751