Indian drugmaker Eris Lifesciences Ltd announced the acquisition of nine dermatology brands from Dr Reddy’s Laboratories for 275 crore in order to expand in the cosmetic dermatology business. The cash transaction is expected to close on or before March 31, Eris Lifesciences said in a stock exchange filing. The acquisition is not a’related party transaction,’ and none of the promoters, promoter groups, or group companies have any stake in it. The transaction is expected to be completed on or before March 31, 2023.
Eris Lifesciences’ wholly owned subsidiary, Eris Oaknet Healthcare, announced in January that it had acquired nine brands from Glenmark Pharma’s dermatology portfolio for 340 crores in order to expand its presence in the anti-fungal and anti-psoriasis segments. Dr Reddy’s Laboratories Ltd reported a 76.5 percent increase in consolidated net profit to 1,247 for the quarter ended December 2022 on Wednesday. This compares to a consolidated net profit of 706.5 crore in the previous fiscal quarter.
Total revenue from operations increased by 27% to 6770 crore, compared to 5319.7 crore in the previous quarter. Life Insurance Corporation of India (LIC) announced on Monday that it has increased its stake in Dr Reddy’s Laboratories by 2%. The stake has risen from 5.005 percent to 7.278 percent.
Eris Lifesciences, on the other hand, reported a consolidated net profit of $1.02 billion in the third quarter, up from $1.01 billion the previous year.