Eris Lifesciences rose 4.05% to Rs 734.30 after the company said it has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the Indian insulin segment.
The JV marks the foray of Eris into the field of Bio-pharmaceuticals. Eris will hold a 70% stake in JV and the remaining 30% will be held by MJ Biopharm.The JV will primarily engage in the marketing and distribution of human and analogue insulins (Glargine, Aspart, Lispro) and GLP-1 agonists (Liraglutide) among other biopharma products in India.
Eris will be responsible for ongoing sales and marketing, distribution and pharmacovigilance. MJ Biopharm will be responsible for supplying products to the JV.
The initial contracted tenure of JV will be 10 years. Eris has the right to appoint three directors out of the total five. Upon completion, MJ will be paid a one-time lumpsum licence fee of Rs 15 crore.
On a consolidated basis, net profit of Eris Lifesciences rose 9.91% to Rs 118.39 crore on 8.63% increase in net sales to Rs 353.34 crore in Q2 September 2021 over Q2 September 2020.
Eris Lifesciences is a pharmaceutical company with a pure-play domestic branded formulations business model.
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