Eris Lifesciences climbs 3% after it acquires trademark Zomelis for $13 mn

Shares of Eris Lifesciences on Wednesday climbed up to 3 per cent to Rs 447.45 apiece on the BSE after the company announced acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million (roughly Rs 93 crore).

Used in the treatment of type 2 diabetes, Zomelis comes under a new class of anti-diabetic drugs known as DPP 4 inhibitors.

Among the top 10 players in the anti-diabetes segment in the Indian Pharmaceutical Market (IPM), Eris will now start selling the product from December 10 in the Indian market.