Dr. Reddy’s on Thursday said it has sold nine cosmetic dermatology brands to Eris Lifesciences for Rs 275 crore. As per IQVIA, the divested portfolio has sales of Rs. 60 crore in 2022.
“India is a focus market for us. We aspire to break into the top 5 in India,” said M.V. Ramana, CEO – Branded Markets (India & Emerging Markets).
“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,” Ramana added.
Eris said the transaction helps augment and expand the cosmetic dermatology business of the company by way of expansion in the product offerings.
Shares of Dr Reddy’s dropped 0.43% to close at Rs 4377.75, Eris shares declined 0.84% to Rs 586.15. The benchmark Sensex gained 0.14% to end 57,634.84 points.
(With inputs from health)