Dr. Reddy’s on Thursday stated it has bought 9 cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has gross sales of Rs. 60 crore in 2022.
“India is a spotlight market for us. We aspire to break into the highest 5 in India,” stated M.V. Ramana, CEO – Branded Markets (India & Emerging Markets).
“Today’s announcement is in keeping with our said intention of pursuing a method that includes rising brands organically mixed with acquisitions which might be a strategic match and divestment of non-core brands,” Ramana added.
Eris stated the transaction helps increase and develop the cosmetic dermatology enterprise of the corporate by means of growth within the product choices.
Shares of Dr Reddy’s dropped 0.43% to shut at Rs 4377.75, Eris shares declined 0.84% to Rs 586.15. The benchmark Sensex gained 0.14% to finish 57,634.84 factors.
