Eris Lifesciences acquires 51% stake in Swiss Parenterals

Eris Lifesciences Ltd. announced the expansion of its Sterile Injectables footprint through the acquisition of 51% equity stake in Swiss Parenterals Ltd. for a consideration of INR 637.50 crore. This deal also marks the entry of Eris into the RoW Export Markets.

With a 25+ year legacy, Swiss Parenterals Ltd. is a leading player in the sterile injectables business in 80+ emerging markets across Africa, the Asia Pacific and Latin America. It has two facilities in Gujarat capable of manufacturing a wide range of sterile injectable formulations; these facilities are accredited by 50+ regulatory authorities worldwide including the EU-GMP, Brazilian Anvisa, Mexican Cofepris and the Australian TGA. With a portfolio of 1,000+ dossiers across 190+ molecules, Swiss works with a wide range of distribution partners across its target markets.

Commenting on the acquisition, Amit Bakshi, Chairman & Managing Director of Eris Lifesciences Ltd., said, “ Eris has established itself in Indian branded formulations with leading positions across a range of specialties. The acquisition of Swiss Parenterals will help us strengthen our India footprint through the launch of a domestic Injectables-focused Branded Formulations business. Besides, the emerging markets focus of Swiss Parenterals complements our India focus very well. In addition to investing to grow the Swiss Parenterals business further, we will kickstart exports of Oral solid dosage formulations from Eris’ manufacturing facilities to various semi-regulated markets by leveraging Swiss’ overseas distribution channels and regulatory expertise.”

Key deal highlights

• Eris has signed a definitive agreement to acquire 51% equity stake in Swiss Parenterals Ltd. (SPL) for INR 637.50 crore
• Eris’ Promoter group will concurrently acquire an additional 19% in Swiss for INR 237.50, thereby bringing the total equity stake of Eris and its Promoter Group in SPL to 70%
• Out of the deal consideration of INR 637.50 crore for Eris’ 51% stake, INR 200 crore will be paid at Closing and the remainder will be paid 12 months from Closing
• The Transaction is expected to achieve financial closure before 31st March 2024

MB Bureau