BRIEF—Eris Lifesciences buys more brands from Biocon

Mumbai-based drugmaker Eris Lifesciences has announced the acquisition of fellow Indian company Biocon Biologics’ India branded formulation business for a consideration of rupees 1,242 crore (~$149 million), thereby jumpstarting its entry into the rupees 30,000+ crore injectables market in India and becoming a leading player in the Insulins segment.

The acquisition brings two major insulin brands – Basalog and Insugen – into the Eris fold.

These are the largest Indian brands in their respective segments with market shares of over 10%.

With this acquisition, Eris’s Diabetes care franchise will soon reach rupees 1,000 crore in revenue and become the 5th largest diabetes portfolio in India.

Eris has signed a 10-year supply agreement with Biocon Biologics as part of this deal. Under this agreement, the Biocon product range will continue to be manufactured and supplied to Eris for commercialization in India.

This acquisition also provides immediate synergies with the recently acquired Swiss Parenterals business, and adds to a previous buy of dermatological brands  from Biocon.