India Pharma Outlook Team | Thursday, 05 May 2022
Branded formulations manufacturer, Eris Lifesciences Ltd on Tuesday acquired a 100% stake in Mumbai-based Oaknet Healthcare Private Ltd for a total consideration of Rs 650 crore. Oaknet Healthcare is a dermatology focused formulations firm. The acquisition will be completed by way of a share purchase agreement because of which Oaknet Healthcare will become a wholly-owned subsidiary of Eris.
The acquisition will facilitate the entry of Eris into the dermatology segment by enabling expansion of its portfolio, increased market reach and penetration and better segment ranking. Oaknet Healthcare has a product line in segments including dermatology,
gynaecology, pain management, nutritional, cardiology & diabetes. Amit Bakshi, CMD, Eris Lifesciences, said “As Oaknet Healthcare becomes part of the Eris Group, it provides us with a robust growth platform in the areas of dermatology and cosmetology. In line with Strides and Zomelis acquisitions, we are confident that the transaction will create long-term value for our shareholders.”
Oaknet Healthcare brings a portfolio of leading brands in dermatology and women’s health to Eris’ portfolio. Oaknet specialises in manufacturing a range of skincare products including moisturisers, anti-fungal creams, among others. Krishnakumar V, executive director, and chief operating officer of Eris Lifesciences Ltd, said, “The acquisition of Oaknet brings marquee brands like Cosvate and Cosmelite into the Eris portfolio. We expect to bring to bear multiple value creation levers including in-house manufacturing, new product launches, expansion of field force productivity and enhancement of operational efficiency.”
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