Eris enters dermatology therapy, acquires Oaknet Healthcare for Rs 6,500 million

Eris Lifesciences recently announced its acquisition of a 100 per cent stake in Mumbai-based dermatology-focussed domestic formulations company Oaknet Healthcare for a total consideration of Rs 6,500 million, a company statement said.

With a revenue base of Rs 1,950 million in FY22, Oaknet brings a portfolio of brands in dermatology and women’s health to the Eris’s table. Eris’s specialty franchise will get a impetus with this acquisition with Eris now present in 87 per cent of the Rs 55,000 crores chronic market, with a presence in major chronic therapies in the IPM – cardiology, oral diabetes care, insulin, neuro/CNS and dermatology, it added.

The statement also notified that Oaknet has near 100 per cent coverage of approximately 11,000 dermatologists across India with a 60 per cent penetration, and has a pan-India sales and distribution presence.

The acquisition will be completed by way of a share purchase agreement as a result of which Oaknet will become a wholly owned subsidiary of Eris. The deal will be financed by Rs 3,000 million of internal accruals and Rs 3,500 million of borrowings, the statement concluded.