Eris Lifesciences announced that it will acquire part of the dermatology portfolio of Dr.Reddy's Laboratories by way of acquisition of nine trademarks along with their applicable line extensions for Rs 275 crore.
The acquisition will help augment and expand the cosmetic dermatology business of the company by way of expansion in the product offerings.The turnover of the brands acquired for the period ended 28 February 2023 stood at Rs 62.10 crore.
The cost of acquisition stood at Rs 275 crore. The transaction will be completed on or before 31 March 2023.
Dr Reddy's Laboratories is engaged in providing medicines. The firm operates in three segments: global generics, pharmaceutical services and active ingredients (PSAI) and proprietary products. Shares of Dr Reddy's Laboratories fell 0.27% to Rs 4,385.05.
Eris Lifesciences is engaged in manufacturing, marketing and selling of generics within the chronic and acute categories of the Indian pharmaceutical market.
The company's consolidated net profit rose 1.1% to Rs 101.86 crore on 27.4% jump in revenue from operations to Rs 417.84 crore in Q3 FY23 over Q3 FY22.
Shares of Eris Lifesciences declined 1.18% to Rs 584.10 on the BSE.
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