Eris is acquiring Dermatology and Nephrology branded formulations business units of Biocon Biologics (BBL), a subsidiary of Biocon Limited.
- The transaction is a Slump Sale
- Revenues of the acquired businesses for FY 2022-23 was Rs. 90 Cr and Net Worth was Rs. 25 Cr as at March 31, 2023
- Transaction value is Rs 366 cr, inclusive of the working capital
- It’s valued at 4x of revenues and 22x of EBITDA
- The transaction is expected to close by the end of Nov 2023
Rationale for the transaction
- For BBL, to exit out of the non-core business
- For ERIS, to get a quick access to it’s focus area