Eris down 4% in 2 days post acquisition of 9 derma brands from Dr Reddy's

Eris Life said that the transaction would help augment and expand cosmetic dermatology business of the company through their product offerings

Shares of Eris Lifesciences declined 2 per cent to hit two-year low of Rs 570 in Friday’s intra-day trade. The stock fell 4 per cent in two days after the company acquired nine dermatology brands from Dr Reddy's Laboratories for Rs 275 crore. The stock quoted its lowest level since March 2021.

The management said that this transaction would help augment and expand cosmetic dermatology business of the company through product offerings.

In January, Eris had bought some derma brands from Glenmark Pharma as well. Eris Oaknet Healthcare, a wholly owned subsidiary of Eris Lifesciences bought tail end