Strides Shasun and Eris Lifesciences surge post acquisition deal

The Indian brand business of Strides Shasun is acquired by Eris Lifesciences for a cash consideration of Rs 500 crore. The company informed the stock exchanges through a filing on Monday.

Strides’ Indian branded business has brands in the domains of neurology, psychiatry, nutraceuticals and gastro. Eris will acquire the marketing and distribution rights of these products in India, while Strides will retain the global rights to these products.

With this acquisition, Eris Lifesciences will be among the top 10 companies in the Central Nervous System (NCS) segment. It is already in the top 20 companies in the cardiology segment and ranks among top 10 in the diabetology segment. Since 2007, it has focused on the chronic segments of cardiology and diabetology. This acquisition will take Eris to the top three positions in the chronic segments.

Also, this acquisition will lead the company to the league of top 25 companies whose market share is more than 1 per cent in the Indian Pharmaceutical market.

Meanwhile, the stock of Eris Lifesciences closed at Rs. 585.10 on Friday. On Monday, it has opened at Rs. 611 and touched an intra-day high of Rs. 625.20, thereby surging by 7.3 per cent in the morning trading session. Whereas stock of Strides Shasun had closed at Rs. 787.70 on Friday. It opened at Rs. 811 and made an intra-day high of Rs. 821.85, surging by 4.3 per cent.