Eris Lifesciences Ltd. said it has signed a definitive agreement to purchase the nephrology and dermatology segments of Biocon Biologics Ltd.'s branded formulations business in India for ₹366 crore.
The acquired units, encompassing more than 20 major brands, reported a turnover of ₹90 crore in fiscal year 2023, with a current revenue run-rate of ₹100 crore.
The deal, which includes the transfer of working capital, will see over 120 personnel, including senior leaders and field staff, transition to Eris Lifesciences. The transaction is likely to achieve financial closure by the end of 2023.
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