Pharma major Dr Reddy's Laboratories Ltd on Thursday said it is selling its nine non-core dermatology brands in India to Eris Lifesciences Ltd for Rs 275 crore.
According to Dr. Reddy's, as per the agreement, Eris Lifesciences will be assigned the trademarks of the divested brands that logged sales of Rs 60 crore in India.
"India is a focus market for us. We aspire to break into the top five in India. Today's announcement is in line with our stated intention of pursuing a strategy that involves growing brands organically combined with acquisitions that are a strategic fit and divestment of non-core brands," M.V. Ramana, CEO - Branded Markets (India & Emerging Markets) said.
Also read |India's GDP to grow at 6% in FY24: CRISIL
According to Eris Lifesciences, the company will acquire nine trademarks and applicable line extensions from Dr. Reddy's for Rs 275 crore for India business alone.
"The transaction helps augment and expand the cosmetic dermatology business of the Company by way of expansion in the product offerings," Eris Lifesciences said.
The transaction is expected to be completed on or before 31.3.2023.
