Shares of Eris Lifesciences on Wednesday climbed up to 3 per cent to Rs 447.45 apiece on the BSE after the company 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. CLICK TO READ FULL REPORT
At 10:10 am, the stock was trading over 1.50 per cent higher at Rs 441 on the BSE as compared to 0.14 per cent rise in the S&P BSE Sensex.
The stock hit a high of Rs 745 on the BSE on January 16 this year. Thus far in the calendar year 2019 (CY19), shares of the company have slipped around 37 per cent as compared to nearly 13 per cent increase in the benchmark S&P BSE Sensex.