Eris Life extends rally post acquisition of Strides' India branded business

The stock rallied 11% to Rs 721, extending its 11% gain in past six trading sessions.

Eris Lifesciences moved higher by 11% to Rs 721, extending its 11% gain of the last six trading sessions after the company acquired the domestic formulations business of Strides Shasun in an Rs 500-crore deal, marking its foray into the fast-growing central nervous system (CNS) segment.

According to media report, Credit Suisse initiated coverage of Eris Lifesciences with a recommendation of outperform with price target of Rs 770 per share within a year.

Eris Lifesciences and Strides Shasun signed an agreement on Saturday, November 18, in which Eris Lifesciences will acquire 130 Strides Shasun brands in the neurology,