Biocon Biologics
is selling its branded formulations business to Mumbai-based
Eris Lifesciences
for Rs 1242 crore.
With the deal, Eris will jumpstart its entry into the Rs 30,000+ crore
injectables market
in India, and acquire two major insulin brands – Basalog and Insugen.
This acquisition will also mark Eris’ entry into oncology and critical care, says a company statement.
Under this deal, it has also signed a 10-year
supply agreement
with the
Biocon subsidiary
. 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, it adds.
The Biocon product range can be quickly scaled up by leveraging the product portfolio of Swiss, which consists of 240+ unique molecules. The combination of the two deals also provides margin expansion opportunities through insourcing/ technology transfer of manufacturing to Swiss’ facilities.