Dr Reddy’s sells 9 cosmetic brands to Eris Lifesciences for Rs 275 crore

17 Mar 2023 , 12:06 PM

On Thursday, Dr Reddy’s announced the sale of nine cosmetic dermatology brands to Eris Lifesciences for Rs275 crore. According to IQVIA, the divested portfolio generated Rs60 crore in sales in 2022.

M.V. Ramana, the CEO for Branded Markets in India and Emerging Markets, expressed the company’s dedication to India as a focal market, stating that their goal is to rank within the top 5 in the country.

Ramana further added that the recent announcement aligns with their plan to implement a strategy focused on both organic brand growth and acquisitions that complement their business strategy while divesting non-core brands.

According to Eris, the transaction will aid in strengthening and broadening the company’s cosmetic dermatology business by expanding their product range.

At around 12.08 AM, Dr Reddy’s was trading 0.72% higher at Rs4,415.15 per piece, against the previous close of Rs4,383.75 on NSE. The counter touched an intraday high and low of Rs4,463.15 and Rs4,383.75 respectively.

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