Eris Lifesciences up 7% on acquisition of Strides' India branded biz

Eris Lifesciences has surges 7% to Rs 628 in intra-day deal, while Strides Shasun was up 2% at Rs 805, after hitting high of Rs 822 on the BSE in intra-day trade

Eris Lifesciences has surges 7% to Rs 628 on the BSE after the company announced that it has acquired Strides’ India branded generics business for an aggregate cash consideration of Rs 500 crore.

Strides Shasun (Strides) and Eris Lifesciences (Eris) on Saturday, November 18, 2017 announced entering into definitive agreements for sale of Strides’ India branded generics business to Eris for an aggregate cash consideration of Rs 500 crore. The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30th, 2017.

Strides’ India branded generics business comprise of a portfolio of