India`s Biocon to sell branded formulations business to Eris Lifesciences for $150 million
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Biopharmaceutical company Biocon's unit Biocon Biologics will sell its Indian branded formulations businesses to Eris Lifesciences in a deal worth 12.42 billion rupees ($150 million), the companies said in separate exchange filings on Thursday.
The deal, which is expected to close by April 15, 2024, includes the acquisition of insulin brands Basalog and Insugen which Eris said will help its diabetes treatment franchise reach 10 billion rupees in revenue, without specifying a timeline.
The purchase of the branded formulations business will also mark the pharmaceutical firm's entry into the oncology and critical care segments, Eris added.
The revenue in fiscal 2023 from the business that Biocon is selling accounted for 3.7% of the Bengaluru-based company's consolidated revenue, it said.
Biocon had earlier sold its dermatology and nephrology branded formulation businesses to Eris for 3.5 billion rupees in November last year.
Shares of Biocon settled up 5.8% after the announcement while Eris' stock closed 3.8% higher.
($1 = 82.8170 Indian rupees)
