Eris Lifesciences acquires Oaknet Healthcare
By MYBRANDBOOK
Eris Lifesciences Limited announced the acquisition of Mumbai-based dermatology formulations company Oaknet Healthcare Pvt Ltd for Rs 650 crore. Eris Lifesciences offers chronic and sub-chronic lifestyle-related therapies. With this acquisition, Eris Lifesciences will foray into the dermatology and cosmetology segment.
The company said, “Oaknet brings a well-established portfolio of leading brands in dermatology and women’s health to the Eris stable. Eris’ speciality franchise will get a significant impetus with this acquisition, with Eris now present in 87 percent of the Rs 55,000-crore chronic market, with a leading presence in the major chronic therapies in the IPM – cardiology, oral diabetes care, insulin, neuro/CNS and dermatology.”
Oaknet has a coverage of nearly 11,000 dermatologists across India and a pan-India sales and distribution presence. The company's product line covers dermatology, gynaecology, pain management, nutritional, cardiology, and diabetes, among other conditions.
Amit Bakshi, Chairman and Managing Director of Eris Lifesciences Ltd, said, “In line with the Strides and Zomelis acquisitions, we are confident that the Oaknet transaction will create long-term value for our shareholders.”
Eric Lifesciences’ business is based on two pillars – harnessing the power of cutting-edge science to bring evidence-based therapies to the market, and enabling patients to take charge of their diagnoses and their lives through their patient care initiatives.
Krishnakumar V, Executive Director and Chief Operating Officer of Eris Lifesciences Ltd, said, “The acquisition of Oaknet brings marquee brands like Cosvate and Cosmelite into the Eris portfolio. We expect to bring to bear multiple value creation levers including in-house manufacturing, new product launches, expansion of field force productivity and enhancement of operational efficiency.”
The company is a fully-integrated pan-India business with a strong focus on high-end super-specialist doctors and consulting physicians. For fiscal 2022, the company reported consolidated net profit of Rs 406 crore from Rs 355 crore, up 14 percent year-on-year. Consolidated revenues from operations grew 11 percent from Rs 1,212 crore to Rs 1,347 crore.
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