Eris Lifesciences Ltd. has confirmed the finalization of a deal to acquire the India-branded formulation business of Biocon Biologics for a total of Rs 1,242 crore. “The acquisition brings two major insulin brands Basalog and Insugen into the Eris fold. These are the largest Indian brands in their respective segments with market shares of over 10%", Eris Lifesciences said in a statement. 

"With this acquisition, Eris’s Diabetes care franchise will soon reach Rs 1,000 crore in revenue and become the fifth largest diabetes portfolio in India. This acquisition will also mark Eris’ entry into Oncology and Critical Care", the company added. 

As a component of this arrangement, Eris has entered into a 10-year supply contract with Biocon Biologics Ltd. Within this agreement, the range of Biocon products will persist in production and distribution for Eris's commercialization endeavors within India. Furthermore, this acquisition presents immediate synergistic advantages alongside Eris's recently acquired Swiss Parenterals business.

The expansion of the Biocon product range can be rapidly achieved by utilizing the extensive portfolio of Swiss, comprising over 240 distinct molecules. Additionally, the amalgamation of these two agreements presents opportunities for margin expansion by means of insourcing and technology transfer for manufacturing at Swiss facilities.

Amit Bakshi, Chairman & Managing Director, Eris Lifesciences Ltd., said, "This deal, combined with the acquisition of Swiss Parenterals that we announced last month will turbocharge our entry into the Rs 30,000 crore India Branded Injectables market and pave the way for our next Rs 1,000 crore vertical in the next 3-4 years". "Over the last 2 years we have added a number of strategic growth engines to our portfolio and now we have all the building blocks in place to be able to achieve our target of Rs 5,000 crore revenue over the next 3-4 years", he added.