As a part of this collaboration, Biocon Biologics will continue to leverage Eris’ strong commercial footprint to significantly expand patient access to its world class biosimilars in India
This collaboration is in-line with Biocon Biologics’ strategy to unlock value from its legacy business of branded formulations. (Credit: Nappy on Unsplash)
Biocon Biologics Limited, a fully integrated global biosimilars company and a subsidiary of Biocon Limited (BSE code: 532523, NSE: BIOCON), today announced a long -term commercial collaboration with Eris Lifesciences to expand patient access to its portfolio of Metabolics, Oncology, and Critical Care products in India.
This collaboration is in-line with Biocon Biologics’ strategy to unlock value from its legacy business of branded formulations built over the past two decades and extends its existing partnership with Eris for Biocon’s Nephrology and Dermatology business announced in Dec 2023.
As a part of this collaboration, Biocon Biologics will continue to leverage Eris’ strong commercial footprint to significantly expand patient access to its world class biosimilars in India.
The terms of the Business sale are:
- Total transaction value of INR 12,420 million, which represents an accretive multiple of 3.4x of Revenues and 18x of EBITDA.
- As part of the deal over 430 employees associated with the business are expected to transition to Eris, ensuring continuity for both employees and patients.
- Biocon Biologics has signed a 10-year supply agreement with Eris, as a part of this deal.
- The transaction is expected to come into effect on April 1, 2024, subject to customary closing conditions.
Shreehas Tambe, CEO & Managing Director, Biocon Biologics Limited, said: “This strategic collaboration with Eris Lifesciences for our portfolio of Metabolics, Oncology, and Critical Care products in India aligns with our commercial strategy to maximize patient reach and market potential. It builds on the success of our existing partnership with Eris for our Nephrology and Dermatology products and will allow us to deliver our high quality, lifesaving biosimilars to millions of patients in India. Biocon Biologics remains committed to a successful transition of employees of these business units, our product brands, and customers to ensure continuity for patients.”
Over the past two decades, Biocon Biologics has been positively impacting millions of lives in India by providing high-quality products for diabetes, cancer, and critical care through its dedicated sales force. As a leading global insulins Company, it remains committed to its long-term aspiration of providing its insulins to ‘one in five’ insulin-dependent people with diabetes, and this collaboration is an important step towards realizing this in India.
The Company remains focused on leveraging its ‘lab to market’ capabilities to make a meaningful difference to healthcare and patients worldwide by enabling affordable access to lifesaving biosimilars.
Source: Company Press Release