India's Eris Lifesciences to buy some dermatology brands from Glenmark Pharma
BENGALURU (Reuters) -Indian drugmaker Eris Lifesciences Ltd said on Tuesday it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for 3.4 billion rupees ($41.63 million) to deepen its presence in the anti-fungal and anti-psoriasis segments.
The deal, through Eris' dermatology focused unit, is for the purchase of nine brands, including Onabet, Halobate, Sorvate, and Demelan for India and Nepal, Eris said.
Glenmark said, post divestiture of the brands, it will further consolidate its position in the core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology segments.
The deal for the portfolio that has an annual revenue base of 850 million rupees, will be financed through borrowings, and the transaction is expected to achieve financial closure very soon, Eris said.
Separately, Eris on Tuesday reported a consolidated net profit of 1.02 billion rupees in its third quarter, from 1.01 billion rupees a year earlier.
($1 = 81.6740 Indian rupees)
(Reporting by Yagnoseni Das in Bengaluru; Editing by Shailesh Kuber)