India's Eris buys nine dermatology brands from Dr. Reddy's for $33 million
Indian drugmaker Eris Lifesciences Ltd said on Thursday it had bought nine dermatology brands from Dr. Reddy's Laboratories Ltd in a 2.75 billion rupees ($33.24 million) deal, to expand in the cosmetic dermatology business.
The deal, to be paid in cash, is expected to be completed on or before March 31, Eris said in a stock exchange filing.
Eris and Dr. Reddy's did not immediately respond to Reuters' requests seeking the names of the dermatology brands.
The deal comes two months after Eris said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for 3.4 billion rupees to deepen its presence in the anti-fungal and anti-psoriasis segments.
Eris' shares were trading 1.4% lower as of 2:33 p.m. IST and were headed for a sixth straight session of losses. They have fallen 9.2% since announcing the deal with Glenmark.
