Eris Lifesciences Acquires 51% Stake in Swiss Parenterals
Feb 13, 2024 17:48
Eris Lifesciences has acquired a 51% stake in Swiss Parenterals, a leading sterile injectable manufacturer, for Rs 637.5 crore. The acquisition strengthens Eris's India footprint and complements its emerging market focus.
New Delhi, Feb 13 (PTI) Eris Lifesciences on Tuesday said it has acquired a 51 per cent stake in Swiss Parenterals for Rs 637.5 crore.
Ahmedabad-based Swiss Parenterals is a leading player in the sterile injectables business in over 80 emerging markets across Africa, the Asia Pacific and Latin America.
It has two facilities in Gujarat, which produce a wide range of sterile injectable formulations.
"The acquisition of Swiss Parenterals will help us strengthen our India footprint through the launch of a domestic Injectables-focused Branded Formulations business," Eris Lifesciences Chairman and MD Amit Bakshi said in a statement.
Besides, the emerging markets focus of Swiss Parenterals complements Eris's India focus very well, he added.
Eris Lifesciences has expanded its Sterile Injectables footprint through the acquisition of a 51 per cent equity stake in Swiss Parenterals Ltd for a consideration of Rs 637.50 crore, the company said in a statement.
Eris reported a 1 per cent increase in its consolidated profit after tax (PAT) at Rs 101 crore for the third quarter ended December 2023.
It had reported a PAT of Rs 100 crore in the year-ago period.
Its revenue rose to Rs 486 crore from Rs 423 crore in the October-December quarter of 2022-23.
Shares of Eris Lifesciences on Tuesday ended 1.07 per cent up at Rs 923.55 apiece on the BSE.
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