Eris enters Dermatology therapy through the acquisition of Oaknet Healthcare for Rs 650 crore

Eris Lifesciences Limited, a leading Indian branded formulations manufacturing company, yesterday announced its acquisition of a 100 per cent stake in Mumbai-based dermatology focused domestic formulations company Oaknet Healthcare Pvt Ltd for a total consideration of Rs 650 crore.

With a revenue base of Rs195 crore in FY22, Oaknet brings a well-established portfolio of leading brands in Dermatology and Women’s Health to the Eris stable. Eris’ Specialty Franchise will get a significant impetus with this acquisition with Eris now present in 87 per cent of the Rs 55,000 crore Chronic Market, with a leading presence in the major Chronic Therapies in the IPM – Cardiology, Oral diabetes care, Insulin, Neuro/CNS and Dermatology. Oaknet has near 100 per cent coverage of approximately 11,000 dermatologists across India with a 60 per cent penetration and has a pan India sales and distribution presence.

Deal Highlights

• Eris will acquire 100 per cent stake in Oaknet for Rs 650 crore.
• The acquisition will be completed by way of a share purchase agreement as a result of which Oaknet will become a wholly owned subsidiary of Eris.
• The deal will be financed by Rs 300 crore of internal accruals and Rs 350 crore of borrowings.