Wednesday, 4 October 2017

Eris Lifesciences acquires UTH Healthcare

3/010/2017

PUNE: Eris Lifesciences Ltd, one of the fastest growing companies in the chronic category of the Indian Pharmaceuticals Market, has made its first acquisition after being listed on the stock exchanges – by acquiring nutraceuticals maker UTH Healthcare Ltd. in a fully cash deal.

The Company has acquired the entire shareholding (100%) of UTH Healthcare for a consideration of Rs. 12.85 crore. UTH Healthcare is largely engaged in the segments of Obesity, Diabetes, Gestational Diabetes Mellitus, Maternal Nutrition, and Cardio-vascular diseases. UTH Healthcare Ltd. had turnover of Rs. 25.58 crore in FY17.

Amit Bakshi, Chairman & MD, Eris Lifesciences Limited, said, “We are very happy to have UTH Healthcare as a part of Eris Lifesciences Ltd. UTH is probably the first of its kind nutrition focus company founded by A K Khanna, an industry doyen and living legend, having an impeccable track record in the industry. I am very pleased to have him with us and look forward for his contribution to Eris at the highest level.”

A. K. Khanna, Chairman, UTH Healthcare Ltd. said, “Joining hands with Eris Lifesciences Ltd. will help UTH realize its true potential. This is a unique position to work from where the two entities will leverage their strengths and add value. A renewed vision for the nutrition business as envisaged by Amit Bakshi, will provide a shot in the arm.”

Effective July 1, 2016, Eris Lifesciences Ltd. acquired trademarks in relation to 40 brands, from Amay Pharma for an aggregate consideration of 32.87 crore, in order to grow its product portfolio in the cardiovascular and anti-diabetics therapeutic areas. On December 12, 2016, Eris entered into a share purchase and shareholders’ agreement to acquire 75.48% in Kinedex, for an aggregate consideration of 77.18 crore.

Eris Lifesciences Limited develops, manufactures and commercializes branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM, such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives. Its focus has been on developing products in the chronic and acute category which are linked to lifestyle related disorders.

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