Key Points of Eric Acquisition of Dr. Reddy’s Dermatology Brands:
- Eris Lifesciences acquires nine dermatology brands from Dr Reddy’s Laboratories for ₹275 crore in cash.
- The acquisition is expected to be completed by March 31, 2023.
- The acquisition is not considered a related party transaction, and none of the promoter, promoter group, or group companies hold any interest in the acquisition.
- This move follows Eris Oaknet Healthcare’s acquisition of nine brands of Glenmark Pharma’s dermatology portfolio in January for ₹340 crores.
- The acquisitions are part of Eris Lifesciences’ expansion into cosmetic dermatology and the anti-fungal and anti-psoriasis segments.
- Dr Reddy’s Laboratories reported a consolidated net profit surge of 76.5% to ₹1,247 for the quarter ended December 2022.
- Dr Reddy’s Laboratories’ total revenue from operations was up by 27% to ₹6,770 crore for the same quarter.
- Life Insurance Corporation of India (LIC) increased its shareholding in Dr Reddy’s Laboratories by 2%, from 5.005% to 7.278%. Meanwhile, Eris Lifesciences reported a consolidated net profit of ₹1.02 billion in its third quarter, from ₹1.01 billion a year earlier.
Details of Eric Acquisition of Dr. Reddy’s Dermatology Brands:
Indian drugmaker Eris Lifesciences expands into cosmetic dermatology with the acquisition of nine dermatology brands from Dr Reddy’s Laboratories for ₹275 crore in cash.
The acquisition, expected to be completed by March 31, is not considered a related party transaction, and none of the promoter, promoter group, or group companies hold any interest in the acquisition. This move comes after Eris Lifesciences’ wholly owned subsidiary, Eris Oaknet Healthcare, acquired nine brands of Glenmark Pharma’s dermatology portfolio in January for ₹340 crores to deepen its presence in the anti-fungal and anti-psoriasis segments.
Dr Reddy’s Laboratories reported a consolidated net profit surge of 76.5% to ₹1,247 for the quarter ended December 2022, with total revenue from operations up by 27% to ₹6,770 crore. Additionally, Life Insurance Corporation of India (LIC) increased its shareholding in Dr Reddy’s Laboratories by 2%, from 5.005% to 7.278%.
Eris Lifesciences reported a consolidated net profit of ₹1.02 billion in its third quarter, from ₹1.01 billion a year earlier. On Thursday, the scrip of Dr Reddy’s Laboratories ended 0.43 low at ₹4,377.75 on BSE, while Eris Lifesciences ended 0.84 down at ₹586.15 on BSE.
About Dr. Reddy’s Laboratories:
Headquartered in Hyderabad, Dr. Reddy’s Laboratories is a multinational pharmaceutical corporation operating in India and beyond. The company was established by Kallam Anji Reddy, a former employee of the Indian Drugs and Pharmaceuticals Limited, and is involved in the production and distribution of various pharmaceutical products both in the domestic and international markets.
About Eris Lifesciences:
Established in 2007, Eris Lifesciences is the sole publicly listed Indian pharmaceutical firm that focuses solely on domestic branded formulations. Despite being the youngest company in the IPM Top-25, Eris has managed to carve out a niche for itself in the industry.
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