Eris Lifesciences stated that it has entered into a definitive agreement to buy India branded generics business of Strides Shasun for an aggregate cash consideration of Rs 500 crores.
The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30th, 2017.
Strides’ India branded generics business comprises of a portfolio of 130 plus brands in the domains of neurology, psychiatry, nutraceuticals and gastro.
This acquisition is Eris’s fourth—and the largest–in the last 18 months.
“The transaction is a good strategic fit for Eris and will strengthen our position in the key segments of CNS and Gastro-Intestinal therapies,” said Amit Bakshi, Managing Director Eris Lifesciences.
“We expect to realize cost and revenue synergies from this transaction given Eris’ strong presence in the branded business in India,” Bakshi added.