Eris Lifesciences announced the acquisition of the trademark for anti-diabetes novel drug Zomelis from Novartis AG for US$ 13 million, as per the company’s press release. This acquisition is only for the Indian market.
The sale of the product by Eris Lifesciences, which is an Indian drug maker, will begin from December 10 in the Indian market, the company said.
Zomelis, commonly known as vildagliptin, is used in treatment of type 2 diabetes. This is the first innovator pharmaceutical product trademark acquisition by Eris Lifesciences.
“The acquisition of Zomelis will help us strengthen our position in the diabetes care market in India. Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients,” said Eris Lifesciences chairman and managing director Mr Amit Bakshi.
Earlier, the company has done four acquisitions and among those the buyout of Strides Shasun’s branded business portfolio for Rs 500 crore (US$ 72 million) in December 2017 was a major one which assisted the company to gain a foothold in the central nervous system drug segment.
Eris Lifesciences was founded in 2017 and is among the top 10 players in the anti-diabetes drugs segment in the Indian Pharmaceutical Market, as per the data by market research firm AIOCD-AWACS for October.