BRIEF—Strides Shasun divests India brand business

India’s Strides Shasun, formerly Strides Arcolab, has entered an agreement for the sale of its branded generic business to Eris Lifesciences for an aggregate cash consideration of Rupees 500 crore (around $77.48 million), sending the shares of Strides up 3.36% to 813.50 rupees, while Eris leapt 6.92% to 625.00 rupees.

The transaction is subject to customary closing conditions and the parties intend to close the transaction by November 30, 2017.

The Bengaluru-based company’s India branded generics business comprise of a portfolio of over 130 brands in the areas of neurology, psychiatry, nutraceuticals, gastrointestinals, etc, along with the employees forming part of the business.

Under the terms of the agreement, Eris will acquire the marketing and distribution rights for the said portfolio of products in India while Strides will retain the global rights for these products.