Eris Lifesciences Acquires Nine Derma Brands From Dr Reddy's For Rs 275 Crore
The brands owned by Dr Reddy's Laboratories earned Rs 62.1 crore in the 11 months through February 2023.
Eris Lifesciences Ltd. has announced the acquisition of nine trademarks from Dr Reddy's Laboratories Ltd.'s dermatology portfolio for Rs 275 crore.
The transaction would "augment and expand the cosmetic dermatology business of the company by way of expansion in the product offerings," the company said in an exchange filing on Thursday.
The turnover of the brands owned by Dr Reddy's Laboratories was Rs 52.8 crore in FY21 and Rs 61.6 crore in FY22, according to AWACS. It has earned Rs 62.1 crore in the 11 months through February 2023.
Only a part of the dermatology portfolio is being acquired through the transaction, the filing said. The deal is expected to be completed by March 31, it said.
Shares of Eris Lifesciences traded 1.34% lower, while Dr Reddy's was also down 0.34% at 2:09 p.m. following the announcement, as compared with a 0.18% rise in the benchmark Sensex.