Eris Lifesciences Enters Rs 30,000 Cr Injectables Market With Biocon Biologics Acquisition
The acquisition brings two leading insulin products, Basalog and Insugen, under Eris’s umbrella.
Indian branded formulations pharmaceutical company Eris Lifesciences Ltd on Thursday announced that it has acquired Biocon Biologics’ Branded Formulations business in India in a deal worth Rs 1,242 crore ($169 million).
This marks Eris’s foray into India’s Rs 30,000 crore ($4 billion) injectables market and puts it in leadership position in the insulin division.
The acquisition brings two leading insulin products, Basalog and Insugen, under Eris’s umbrella. As the largest Indian brands across their segments, they command market shares in excess of 10%. The acquisition propels Eris’s diabetes care unit to potentially earn Rs 1,000 crore ($183 million) in revenue, placing it as India’s fifth largest diabetes portfolio.
The deal also signifies Eris’s debut into the Oncology and Critical Care industries. It comprises a 10-year supply contract between Biocon Biologics Ltd. and Eris Lifesciences Ltd., as a means to retain the manufacture and supply of the Biocon product series for commercialisation in India.
The acquisition offers immediate synergy with Eris-owned Swiss Parenterals’ business, particularly given its broad offering of over 240 unique molecules. As a result of the deal, the Biocon product line is expected to upscale swiftly, leveraging the Swiss portfolio, margin expansion can be achieved through insourcing or transferring technology to Swiss facilities.
“This long-term collaboration with Biocon marks an exciting phase for Eris Lifesciences. Their pioneering efforts and commitment to quality in the Biosimilars domain enable us to take this franchise to even greater heights and turbocharge our entry into the thriving India Branded Injectables market,” said Amit Bakshi Eris’s Chairman & Managing Director.
The deal is slated for financial closure by 15th April 2024 and is set to be financed through debt.
“This strategic collaboration with Eris Lifesciences for our portfolio of Metabolics, Oncology, and Critical Care products in India aligns with our commercial strategy to maximise patient reach and market potential,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited, said. “It builds on the success of our existing partnership with Eris for our Nephrology and Dermatology products and will allow us to deliver our high quality, lifesaving biosimilars to millions of patients in India,” he said.
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