Eris Lifesciences Share Price Up On Acquisition Zomelis

Shares of Eris Lifesciences gained three percent intraday on December 4 following the acquisition of trademark Zomelis.

“The trademark has been used for marketing Vildagliptin formulations — an oral anti-diabetic drug that has been promoted in India for close to 10 years,” the company said in its BSE filing.

The trademark along with its applicable associate marks presently enjoy sales on a moving annual total (MAT) basis of Rs 63.96 crore, it added.

The company acquired trademark ‘Zomelis’ and its associated trademarks from Novartis AG, based at Basel Switzerland for Indian pharmaceuticals market with effect from December 10.

One of the Indian patents pertaining to Vildagliptin, namely Patent No. 212815 of the patent holder, will expire in December.

“The assignment of Zomelis trademark, which enjoys aforementioned patent exclusivity, is expected to provide a head-start to Eris vis-a-vis other branded generic players after the scheduled expiry of the aforementioned patent,” Eris said.

“The consideration involved in this trademark acquisition is $13 million,” it added.

The stock was quoting at Rs 441.60, up Rs 7.70, or 1.77 percent on the BSE at 14:22 hours IST.-Money Control