Eris Lifesciences on Tuesday announced the acquisition of the trademark for anti-diabetes novel drug Zomelis for $13 million, the company said in a release. The acquisition of the trademark from from Novartis AG is only for the Indian market.
The Indian drugmaker will start selling the product from December 10 in the Indian market, the company said.
Zomelis, the common name for which is vildagliptin, is used to treat type 2 diabetes, and is the first innovator pharmaceutical product trademark acquisition by Eris Lifesciences.
“The acquisition of Zomelis will help us strengthen our position in the diabetes care market in India. Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients," Eris Lifesciences chairman and managing director Amit Bakshi was quoted as saying in the release.
The company has done four acquisitions earlier, with the buyout of Strides Shasun’s branded business portfolio for ₹500 crore in December 2017 being a prominent one. It helped the company gain a foothold in the central nervous system drug segment.
Founded in 2007, Eris Lifesciences is among the top 10 players in the anti-diabetes drugs segment in the Indian Pharmaceutical Market, the company said quoting data by market research firm AIOCD-AWACS for October.
Today, shares of Eris Lifesciences closed 2.6% lower at ₹433.90 on the National Stock Exchange.