Biocon Biologics divests formulations business unit to Eris

9 November 2023

Indian biotech firm Biocon (BSE: 532523) says that its subsidiary, Biocon Biologics, has inked a deal with Eris Lifesciences (BSE: 540596), which will see it divest its dermatology and nephrology branded formulations business unit in India that is mostly comprised of its legacy small-molecule brands.

The transaction is a ‘Slump Sale’ that will enable a seamless transfer of the product brands and employees associated with these businesses.

The total transaction value of the divestment is 3,660 million rupees (~$44 million), inclusive of working capital conveyed as part of the deal, and represents an accretive multiple of 4x on revenues and 22x on earnings.

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