Portfolio expansion. Eris Lifesciences buys nine dermatology brands from Dr. Reddy's for $33 million

Reuters Updated - March 16, 2023 at 09:19 PM.

Eris Lifesciences’ all-cash deal with Dr. Reddy’s to be closed on or before March 31

Dr. Reddy’s said the divested non-core dermatology brands included Hydroheal, Revilus, Avarta, and Aquaderm to Eris.

Eris Lifesciences Ltd said, on Thursday, it bought nine dermatology brands from Dr. Reddy's Laboratories Ltd in $33.2 million deal to expand its portfolio in cosmetic dermatology.

The all-cash deal will be closed on or before March 31, Eris said in a stock exchange filing.

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Also read: Dr. Reddy’s buys trademark rights for Primcyv from Pfizer for domestic market

Separately, Dr. Reddy's said the divested non-core dermatology brands included Hydroheal, Revilus, Avarta, and Aquaderm to Eris.

The deal comes two months after Eris said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for ₹340 crore to deepen its presence in the anti-fungal and anti-psoriasis segments.

Also read: Glenmark distribution pact with Cediprof in the US for hyperactivity disorder drug 

Shares of Eris closed 1% lower on Thursday in their sixth straight session of losses. They have fallen 10% since announcing the deal with Glenmark.

Published on March 16, 2023 15:35
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