For consideration of Rs 500 crore
Strides Shasun (Strides) and ERIS Lifesciences (Eris) announced entering into definitive agreements for sale of Strides' India branded generics business to Eris for an aggregate cash consideration of Rs 500 crore. The transaction is subject to customary closing conditions and parties intend to close the transaction by 30 November 2017.With this acquisition, Eris's fourthand the largest--in the last 18 months, the Company will be among the top ten companies in the Central Nervous System (CNS) segment. Eris is already among the top 20 companies in the cardiology segment and ranks among the top ten in the diabetology segment.
The India branded generics business being divested by Strides had sales of Rs 181 Crores in FY 2017.
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