Indian pharmaceutical company Eris Lifesciences said it will acquire nine dermatology brands from Glenmark Pharma. The move will reportedly cost the company about Rs 1,800 crore (approximately $240 million USD).
According to Eris Lifesciences, the move will help expand its presence in the anti-fungal and anti-psoriasis segments, thus complementing its existing portfolio of products in the dermatology space in India and Nepal. Among the brands that the company plans to buy include Onabet, Halobate, Sorvate, and Demelan.
In an Exchange Notification, Glenmark Pharma said, “Going forward, the company will continue to further consolidate its position in its core therapeutic areas of cardiometabolic, respiratory, dermatology, and oncology.”
Glenmark added that the acquisition will consolidate its position in the core therapeutic areas of cardiometabolic, respiratory, dermatology and oncology segments.
This acquisition will likely strengthen Eris Lifesciences’ position in the Indian dermatology market, while Glenmark will be able to focus on its core business areas and reduce its debt. Both companies stand to benefit from this transaction, which is expected to close in the next few months.
This move highlights the ongoing consolidation in the Indian pharmaceutical industry, as companies look to expand their product portfolios and strengthen their market positions. The Indian pharmaceutical market is a highly competitive and rapidly growing market, with a large population and a growing middle class driving demand for healthcare products and services.