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Eris Lifesciences on Acquisition Spree to expand its branded formulations portfolio
M & A Critique
|April 2024
Recently, Eris Lifesciences Limited announced acquisition of 'branded Formulation Business' of Biocon Biologics Limited pertaining to the India territory through slump sale. In addition, ELL also announced a foreign acquisition.
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Eris Lifesciences Limited ("ELL" or "Eris") is a publicly listed Indian pharma company and is a leading player in the domestic branded formulations market. Established in 2007, ELL has been focusing on chronic and sub chronic lifestyle related therapies. ELL is fully integrated business with manufacturing facilities in Guwahati and Gujarat.
As part of its adding strategic growth engines strategy, ELL entered the Indian insulin market in 2022 with joint venture (70% with ELL) with MJ Biopharm. The JV commenced two products and INR 18 crore revenue in first year of operations and currently having monthly run rate of circa INR 5 crore. To achieve annual revenues of INR 1000 crore in near future from Diabetes care portfolio, ELL announced two major back-to-back acquisitions which shall facilitate exports & domestic growth.
Eris has historically leveraged acquisitions to enter new therapies; it entered Neuropsychiatry in 2017 through the acquisition of Strides Shasun's domestic business and entered Dermatology in 2022 through the acquisition of Oaknet Healthcare, followed by brand portfolios from Glenmark and Dr. Reddy's in early 2023.
In November 2023, Eris & Biocon Biologics Limited announced strategic partnership to evaluate ways to strengthen Nephrology and Dermatology business owned by Biocon Biologics using strong footholds of Eris in particular area. As a part of this, ELL acquired Biocon Biologics Branded Formulations' India (BFI) business units of Nephrology and Dermatology on a slump sale basis.
The business includes over 20 mother brands with FY23 Revenue of INR 90 cr and current revenue run-rate of INR 100 cr. The deal consideration is INR 366 crore inclusive of working capital conveyed as part of the deal.
Post deal Eris will become the 2nd largest player in Psoriasis with a market share of 11%. The transaction was partly funded through debt & internal accruals.
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