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Eris Lifesciences acquires India-branded formulation business of Biocon Biologics for ₹1,242 crore

Thehindubusinessline

Thehindubusinessline · 1y ago

Eris Lifesciences acquires India-branded formulation business of Biocon Biologics for ₹1,242 crore

Eris Lifesciences is set to acquire Biocon Biologics' India-branded formulation business for ₹1,242 crore. The deal will enhance Eris' presence in the domestic injectables sector and propel it into a top position in the insulin segment. The agreement includes trademarks, net working capital, and around 430 employees. Additionally, Eris will enter the fields of oncology and critical care through the acquisition. The deal also includes a 10-year supply agreement and a tech-transfer component. The acquisition, along with the recent purchase of Swiss Parenterals, aims to position Eris as a major player in the Indian injectables market.

Related News

Biocon Biologics to sell branded formulations biz to Eris Life for ₹1,242 cr

Livemint

Livemint · 1y ago

Biocon Biologics to sell branded formulations biz to Eris Life for ₹1,242 cr

Eris Lifesciences is set to acquire the domestic branded formulation business of Biocon Biologics for INR 1,242 crore. This deal will allow Eris to enter India's injectables market with major insulin brands. The transaction is expected to be completed by April 2024 and will also mark Eris' entry into oncology and critical care. The acquisition will help Eris expand its diabetes care franchise and reach a revenue of INR 1,000 crore. Additionally, over 430 employees will transition from Biocon Biologics to Eris as part of the deal.

ChrysCap-backed Eris Life acquires Biocon Biologics' India formulations business

VCCircle

VCCircle · 1y ago

ChrysCap-backed Eris Life acquires Biocon Biologics' India formulations business

Mumbai-based pharmaceutical company Eris Lifesciences, backed by private equity firm ChrysCapital, is set to acquire Biocon Biologics' India branded formulation business for $150 million. The deal, including insulin brands Basalog and Insugen, is expected to be finalized by 15 April, 2024. Eris aims to strengthen its diabetes care franchise and expand into the oncology and critical care sectors. The acquisition also includes a 10-year supply agreement with Biocon Biologics. This move follows Eris's previous acquisitions in the neuropsychiatry and dermatology sectors. Eris Lifesciences operates with a domestic-branded formulations business model and has a distribution network of over 2,000 stockists and 500,000 chemists.

ChrysCapital-backed Eris Life acquires controlling stake in Swiss Parenterals for $77 mn

VCCircle

VCCircle · 1y ago

ChrysCapital-backed Eris Life acquires controlling stake in Swiss Parenterals for $77 mn

Pharmaceutical company Eris Lifesciences has acquired a 51% stake in Swiss Parenterals, a sterile injectables company, for approximately $76.7 million. The deal will allow Eris Lifesciences to enter the rest of the world export market. The acquisition will be a mix of cash and issuing NCDs, with Eris paying Rs 200 crore at closing and the remainder due in 12 months. Eris aims to strengthen its presence in the Indian market and leverage Swiss Parenterals' distribution channels for exports to semi-regulated markets. Swiss Parenterals operates in over 80 emerging markets, with two accredited facilities in Gujarat.

Biocon Biologics' Bengaluru unit classified as voluntary action indicated by USFDA

Money Control

Money Control · 10m ago

Biocon Biologics' Bengaluru unit classified as voluntary action indicated by USFDA

Biocon Biologics has announced that its drug substance facility in Bengaluru, India has received a classification of voluntary action indicated (VAI) from the US Food and Drug Administration (FDA). The facility, located at Biocon Campus, was inspected between February 20-28, 2024 and the classification pertains to the supply of rh-Insulin drug substance to the United States. Despite objectionable conditions being found during the inspection, the FDA is not proposing any regulatory action. Biocon Biologics has expressed its commitment to maintaining global standards of quality and compliance.

Biocon weighs fresh funding for PE-backed biosimilars unit

VCCircle

VCCircle · 1y ago

Biocon weighs fresh funding for PE-backed biosimilars unit

Biocon Ltd is considering raising new funding for its biosimilars unit, Biocon Biologics Ltd. The unit has previously received investments from five private equity investors and a strategic backer. The Mumbai-listed company's move to seek additional funding for its biosimilars unit is in line with its expansion plans in the biotechnology sector.

Biocon launches QIP to raise ₹4,500 crore

Livemint

Livemint · 3m ago

Biocon launches QIP to raise ₹4,500 crore

Biocon Ltd is set to raise ₹4,500 crore ($523 million) by launching a qualified institutional placement (QIP) issue, selling an 11.6% stake. The raised capital will be used to purchase outstanding optionally convertible debentures from its subsidiary, Biocon Biologics, and repay company debts. The term sheet indicates a floor price of ₹340.20 per equity share, with an indicative floor price of ₹323.20. This strategic move aims to strengthen Biocon's financial stability.

Private equity firm True North sees another top executive movement

VCCircle

VCCircle · 11m ago

Private equity firm True North sees another top executive movement

True North, a private equity firm based in Mumbai, has experienced another executive departure. The firm, known for its investments in companies like Niva Bupa and Biocon Biologics, is currently in the process of raising a new private equity fund.

Samara Capital in fray to invest in PE-backed contract drugmaker

VCCircle

VCCircle · 1y ago

Samara Capital in fray to invest in PE-backed contract drugmaker

Samara Capital is in discussions to invest in a Mumbai-based pharmaceutical development and manufacturing company, according to sources. The homegrown private equity firm, known for selling its Oaknet Healthcare platform to Eris Lifesciences in 2022, is considered a top contender for the investment opportunity. The talks are said to be in advanced stages.

Eris Lifesciences builds on insulin strength to enter obesity drug race

Livemint

Livemint · 1m ago

Eris Lifesciences builds on insulin strength to enter obesity drug race

Eris Lifesciences is leveraging its successful insulin business to expand into India's burgeoning diabetes and obesity drug market. The Ahmedabad-based company, currently holding a 10% share in the human insulin market, aims to fill the gap left by innovator Novo Nordisk and significantly increase its presence in the anti-obesity sector. CEO Krishnakumar Vaidyanathan emphasizes that strong insulin sales are often linked with successful GLP-1 product performance, underpinning their strategic approach.

Zydus Life acquires Sterling Biotech’s API formulation business

VCCircle

VCCircle · 1y ago

Zydus Life acquires Sterling Biotech’s API formulation business

Zydus Lifesciences, a listed pharma company, has acquired the active pharmaceutical ingredients (API) business of Sterling Biotech for Rs 84 crore ($10 million). The acquisition is set to be completed by the end of 2024. Zydus is looking to expand in the fermentation-based API space, which offers high entry barriers and attractive margins. This move aligns with their strategic and commercial goals. The sale of Sterling Biotech's API business is part of their broader strategy to focus on animal-free protein products.

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