Eris, Strides Shasun spurt on Rs 500-cr deal

Shares of Strides Shasun surged as much as 4.3 per cent in Monday's trade as the pharma company has agreed to sell its India brand business to Eris Lifesciences Ltd for Rs 500 crore.

Eris shares also jumped as much as 9.02 per cent to Rs 637.90 against the previous close of Rs 585.10.

Strides Shasun shares ended higher by 3.81 per cent at Rs 817.70 on the BSE. Similarly, Eris stock closed up by 6.7 per cent at Rs 624.30.

Eris Lifesciences had on Saturday announced signing of a definitive agreement with Strides Shasun Ltd to acquire its branded generics business. The deal - likely to be closed in two weeks - is estimated at around Rs. 500 crore.

As per the terms of agreement, Eris will acquire the marketing and distribution rights for the said portfolio of products in India while Strides will retain the global rights for these products. The decision came after the company's board meeting held on Saturday.

(With inputs from Our Bureau)