Shares of Eris Lifesciences surged 10 per cent to Rs 773.40 on the BSE in Monday’s early morning trade after the pharmaceutical company on Friday said it has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the insulin segment.
The stock had hit a 52-week high Rs 863.15 on October 19, 2021. At 09:26 am; it was trading 5 per cent higher at Rs 743 on the BSE, as compared to 0.14 per cent decline in the S&P BSE Sensex.
Eris MJ Biopharm, the 70:30 joint venture (with Eris holding a 70 per cent stake), would primarily engage in marketing and distribution of human and analogue insulin including Aspart, Glargine and Lispro and GLP-1 agonists and potentially other biopharma products in India. MJ will be responsible for the development, manufacturing and supply of these products to the JV.
The purpose of entering into the agreement to expansion of product portfolio to offer biotherapeutic options to the patients in cardio-metabolic segment, Eris said in statement.
The JV marks the foray of Eris into the field of Biopharmaceuticals. The JV shall source recombinant human insulin and insulin analogs from the supplier and shall market and distribute them in the domestic market. The first of such products to be commercialized will be ‘Recombinant Human Insulin’ which is to be marketed in vials and cartridges, the company said. It further said, more bio-therapeutic formulations are proposed to be launched by the JV over time, upon completion of product development and commercialization by the supplier.
Eris now bridges an important gap in its diabetes care portfolio through the joint venture with MJ Biopharm in order to leverage the market opportunity in Human Insulin, Insulin Analogues and GLP1 agonists, it said.