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Business News/ Companies / News/  Eris Lifesciences to buy 9 dermatology brands from Glenmark Pharma
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Eris Lifesciences to buy 9 dermatology brands from Glenmark Pharma

Through Eris' dermatology focused unit, the deal is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal.

Representative image. Photo: Pradeep Gaur/MintPremium
Representative image. Photo: Pradeep Gaur/Mint

To deepen its presence in the anti-fungal and anti-psoriasis segments, Indian drugmaker Eris Lifesciences Ltd on 17 January said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for 3.4 billion.

Through Eris' dermatology focused unit, the deal is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal, Eris said.

ALSO READ: Glenmark gets USFDA nod for high BP medicine

Post divestiture of the brands, Glenmark said that will further consolidate its position in the core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology segments.

The deal for the portfolio that has an annual revenue base of 850 million, will be financed through borrowings, and the transaction is expected to achieve financial closure very soon, Eris said.

Separately, Eris on Tuesday reported a consolidated net profit of 1.02 billion in its third quarter, from 1.01 billion a year earlier.

Earlier in December, Glenmark Pharmaceuticals (Glenmark) received US Food and Drug Administration (US FDA) nod for high Blood Pressure medicines.

As per the official statement, it said, Glenmark has received final approval by the US FDA for Nicardipine Hydrochloride capsules for 20 mg and 30 mg, the generic version of Cardene capsules of 20 mg and 30 mg of Chiesi US.

With PTI inputs.

 

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Published: 17 Jan 2023, 09:06 PM IST
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