Indian branded formulations manufacturing company Eris Lifesciences announced the acquisition of 100 per cent stake in Mumbai-based dermatology focused domestic formulations company Oaknet Healthcare on Tuesday. In a BSE filing on Wednesday, the company stated that the acquisition will be done for a total consideration of Rs 650 crore.
Oaknet had a revenue base of Rs 195 crore in FY22. Eris stated in the filing that Oaknet’s dermatology and women’s health portfolio will add to their range of offerings. The company added that Eris’ Specialty Franchise will get a significant impetus with this acquisition as the company will now be present in 87 per cent of the Rs 55,000-crore chronic market with presence in cardiology, oral diabetes care, insulin, neuro/CNS and dermatology therapies. Oaknet has nearly 100 per cent presence in approximately 11,000 dermatologists with 60 per cent penetration and pan-India sales.
Amit Bakshi, Chairman & Managing Director of Eris Lifesciences said, “As Oaknet becomes part of the Eris Group, it provides us with a robust growth platform in the areas of Dermatology and Cosmetology. In line with Strides and Zomelis acquisitions, we are confident that the Oaknet transaction will create long-term value for our shareholders.
