Eris Lifesciences Ltd said it has acquired the trademark for anti-diabetic drug Zomelis for $13 million (Rs 92.9 crore) from Novartis AG for the Indian market as the drugmaker continues to explore inorganic opportunities for growth.
Amit Bakshi, chairman and managing director at Eris Lifesciences, said the acquisition of Zomelis will help the company strengthen its position in the diabetes care market in India.
“Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients," he added.
Zomelis, the common name for which is vildagliptin, is used to treat type 2 diabetes and comes under a new class of anti-diabetic drugs known as DPP 4 inhibitors. Eris will start selling the product from 10 December to the domestic market.
This is Eris’s third acquisition since it got listed on the stock exchanges in June 2017.
A few months after its listing, the firm acquired nutraceuticals maker UTH Healthcare Ltd for Rs 12.85 crore in October 2017.
The following month that year, Eris agreed to acquire Strides Shasun Ltd's branded generics business in India for Rs 500 crore ($77 million) in cash.
The Ahmedabad-based drugmaker had also made acquisitions prior to its listing. In August 2016, the company signed a pact with Amay Pharmaceuticals Pvt. Ltd to acquire trademarks of 40 brands for Rs 32.87 crore and a non-compete fee of Rs 5 crore to strengthen its cardiovascular and anti-diabetics therapeutic segments.
In December 2016, Eris increased its stake in Kinedex Healthcare Pvt. Ltd from 61.48% to 75.48%.
Eris was founded in 2007 by Amit Bakshi, a sales professional-turned-entrepreneur. It raised private equity funding from ChrysCapital in 2011. The PE firm sold its entire 16.25% stake through the initial public offering in 2017.