Eris Lifesciences has acquired Mumbai-based dermatology-focused domestic formulations company Oaknet Healthcare for Rs 650 crore. The acquisition will be completed by way of a share purchase agreement and accordingly Oaknet will become a wholly-owned subsidiary of Eris. The deal will be financed by Rs 300 crore internal accruals and Rs 350 crore by borrowings.
Eris Lifesciences is the only publicly listed Indian pharmaceutical company with a pure-play domestic branded formulations business model.
