Eris Lifesciences on Tuesday announced acquisition of the trademark Zomelis, for Vildagliptin-based formulations, and its associated trademarks from Novartis AG, Switzerland, for a consideration of $13 million (roughly Rs 93 crore).
Used in the treatment of type 2 diabetes, Zomelis comes under a new class of anti-diabetic drugs known as DPP 4 inhibitors.
Among the top 10 players in the anti-diabetes segment in the Indian Pharmaceutical Market (IPM), Eris will now start selling the product from December 10 in the Indian market.
Amit Bakshi, Chairman and Managing Director, Eris Lifesciences said that the trademark acquisition would help the company strengthen its position in the diabetes care market in India.
"Zomelis is a strong brand amongst the super speciality prescriptions and has been promoted for close to 10 years. Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients," said Bakshi.
This is the first innovator pharmaceutical product trademark acquisition by Eris. The company had made four acquisitions earlier.
In December 2017, Eris acquired the branded business portfolio of Strides Shasun in a deal worth Rs 500 crore gaining a foothold, inter-alia, in the CNS drug segment. Three earlier acquisitions of UTH, Kinedex and Amay Pharma (trademarks) provided entry for Eris in the nutraceuticals, women health, and IVF, among others.