Eris Lifesciences Ltd., an Indian branded formulations pharmaceutical company, has recently acquired Biocon Biologics’ Branded Formulations business in India in a deal worth INR 1,242 crore (USD 169 million).

This acquisition has marked Eris’s foray into India’s INR 30,000 crore (USD 4 billion) injectables market and has placed it in a 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 percent.

The acquisition propels Eris’s diabetes care unit to potentially earn INR 1,000 crore (USD 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 commercialization in India.

“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.

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 strategic collaboration with Eris Lifesciences for our portfolio of Metabolics, Oncology, and Critical Care products in India aligns with our commercial strategy to maximize patient reach and market potential,” said Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited.

Commenting further, he 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.”