Eris Lifesciences Ltd, a branded formulations manufacturer, acquired a 100 percent stake in Mumbai-based Oaknet Healthcare Private Ltd for Rs 650 crore on Tuesday.
Oaknet Healthcare specialises in dermatology formulations. Oaknet Healthcare will become a wholly-owned subsidiary of Eris as a result of the acquisition, which will be executed through a share purchase agreement. Eris’ foray into the dermatological segment will be aided by the acquisition, which will allow the company to expand its portfolio, expand its market reach and penetration, and boost its segment ranking.
Oaknet Healthcare offers products in dermatology, gynaecology, pain management, nutrition, cardiology, and diabetes, among other segments. “As Oaknet Healthcare becomes part of the Eris Group, it provides us with a robust growth platform in the areas of dermatology and cosmetology,” said Amit Bakshi, CMD, Eris Lifesciences. We are confident that the transaction will create long-term value for our shareholders, in line with the Strides and Zomelis acquisitions.”
Eris now has a portfolio of leading dermatological and women’s health brands from Oaknet Healthcare. Oaknet specialises in the production of skincare goods such as moisturisers and anti-fungal creams, among others.
“The acquisition of Oaknet brings marquee brands like Cosvate and Cosmelite into the Eris portfolio,” said Krishnakumar V, executive director and chief operating officer of Eris Lifesciences Ltd. 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.”