Eris Lifesciences gains on anti-diabetes drug acquisition

The scrip rose 2.85% to Rs 446.25 after it informed about the acquisition of the trademark for anti-diabetes novel drug Switzerland based Zomelis for $13 million.

The acquisition of the trademark from Novartis AG is only for the Indian market, the company said in a exchange filing. The announcement was made post trading hours yesterday, 3 December 2019.

Eris Lifesciences will start selling the product from December 10 in the Indian market.

The company said that the acquired trademark has been used for marketing Vildagliptin formulations, an oral anti-diabetic drug that has been promoted in India for close to 10 years. The trademark along with its applicable associate marks presently enjoy sales on a moving annual total (MAT) basis of Rs.63.96 crore.

Eris Lifesciences is engaged in manufacturing, marketing and selling of generics within the chronic and acute categories of the indian pharmaceutical market.

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