Eris Lifesciences trades higher on planning to acquire nine dermatology brands from Dr Reddy`s Laboratories
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Eris Lifesciences is currently trading at Rs. 590.60, up by 6.80 points or 1.16% from its previous closing of Rs. 583.80 on the BSE.
The scrip opened at Rs. 590.45 and has touched a high and low of Rs. 592.20 and Rs. 570.00 respectively. So far 1374 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 749.85 on 06-Oct-2022 and a 52 week low of Rs. 570.00 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 613.55 and Rs. 570.00 respectively. The current market cap of the company is Rs. 7951.47 crore.
The promoters holding in the company stood at 52.70%, while Institutions and Non-Institutions held 25.44% and 21.85% respectively.
Eris Lifesciences is planning to acquire part of the dermatology portfolio of Dr Reddy's Laboratories by way of acquisition of nine trademarks along with their applicable line extensions (collectively referred to as Brands) for consideration of Rs 275 crore. The transaction helps augment and expand the cosmetic dermatology business of the company by way of expansion in the product offerings. The Transaction is to stand completed on or before March 31, 2023.
Eris Lifesciences develops, manufactures and commercializes branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM, such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives.
