IANS | 16 Mar, 2023
Pharma major Dr Reddy's Laboratories Ltd on Thursday said it is selling
its nine non-core dermatology brands in India to Eris Lifesciences Ltd
for Rs 275 crore.
According to Dr. Reddy's, as per the
agreement, Eris Lifesciences will be assigned the trademarks of the
divested brands that logged sales of Rs 60 crore in India.
"India
is a focus market for us. We aspire to break into the top five in
India. Today's announcement is in line with our stated intention of
pursuing a strategy that involves growing brands organically combined
with acquisitions that are a strategic fit and divestment of non-core
brands," M.V. Ramana, CEO - Branded Markets (India & Emerging
Markets) said.
According to Eris Lifesciences, the company will
acquire nine trademarks and applicable line extensions from Dr. Reddy's
for Rs 275 crore for India business alone.
"The transaction helps
augment and expand the cosmetic dermatology business of the Company by
way of expansion in the product offerings," Eris Lifesciences said.
The transaction is expected to be completed on or before 31.3.2023.
