Eris Lifesciences Ltd., an Indian branded formulations company, on Tuesday announced the expansion of its Sterile Injectables footprint through the acquisition of 51 percent equity stake in Swiss Parenterals Ltd. for a consideration of Rs.637.50 crore.
According to a press statement, this deal also marks the entry of Eris into the RoW Export Markets.
“With a 25+ year legacy, Swiss Parenterals Ltd. is a leading player in the sterile injectables business in 80+ emerging markets across Africa, the Asia Pacific and Latin America. It has two facilities in Gujarat capable of manufacturing a wide range of sterile injectable formulations; these facilities are accredited by 50+ regulatory authorities worldwide including the EU-GMP, Brazilian Anvisa, Mexican Cofepris and the Australian TGA,” the company said in a statement.
Swiss has a portfolio of over 1,000 dossiers across more than 190 molecules and the company works with a wide range of distribution partners across its target markets.
“Eris has established itself in Indian branded formulations with leading positions across a range of specialties. The acquisition of Swiss Parenterals will help us strengthen our India footprint through the launch of a domestic Injectables-focused Branded Formulations business. Besides, the emerging markets focus of Swiss Parenterals complements our India focus very well. In addition to investing to grow the Swiss Parenterals business further, we will kickstart exports of Oral solid dosage formulations from Eris’ manufacturing facilities to various semi-regulated markets by leveraging Swiss’ overseas distribution channels and regulatory expertise,” Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said in a statement.
According to the company, Eris’ Promoter group will concurrently acquire an additional 19% in Swiss for INR 237.50, thereby bringing the total equity stake of Eris and its Promoter Group in SPL to 70 percent.
Out of the deal consideration of Rs.637.50 crore for Eris’ 51 percent stake, Rs.200 crore will be paid at closing and the remainder will be paid 12 months from closing the transaction is expected to achieve financial closure before 31st March 2024, it added.
