Eris Lifesciences surges 7%, hits 5-month high in a weak market

In the past one month, the stock has outperformed the market by surging 17 per cent, as compared to a marginal 0.35 per cent rise in the S&P BSE Sensex.

Shares of Eris Lifesciences hit a five-month high of Rs 473, up 7 per cent on the BSE on Friday, in an otherwise range-bound market. The stock of the pharmaceutical company was trading at its highest level since July 2019. In comparison, the S&P BSE Sensex was down 0.20 per cent at 40,699 points at 11:17 am.

On Tuesday, 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-II diabetes, Zomelis comes under a new class of