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Eris Lifesciences surges on acquiring trademark ‘Zomelis’ from Novartis AG

Eris Lifesciences is currently trading at Rs. 446.25, up by 12.35 points or 2.85% from its previous closing of Rs. 433.90 on the BSE.

The scrip opened at Rs. 438.85 and has touched a high and low of Rs. 447.45 and Rs. 438.85 respectively. So far 2058 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 745.05 on 16-Jan-2019 and a 52 week low of Rs. 357.80 on 29-Aug-2019.

Last one week high and low of the scrip stood at Rs. 472.40 and Rs. 427.50 respectively. The current market cap of the company is Rs. 5966.98 crore.

The promoters holding in the company stood at 56.23%, while Institutions and Non-Institutions held 19.49% and 24.27% respectively.

Eris Lifesciences has acquired trademark ‘Zomelis’ and its associated trademarks from Novartis AG, based at Basel Switzerland for Indian pharmaceuticals market with effect from December 10, 2019. The trademark has been used for marketing Vildagliptin formulations; an oral anti-diabetic drug that has been promoted in India for close to 10 years. The consideration involved in this trademark acquisition is $13 million.

The trademark along with its applicable associate marks presently enjoy sales on a moving annual total (MAT) basis of Rs 63.96 crore.

Eris Lifesciences is engaged in manufacturing, marketing and selling of branded generics within the chronic and acute categories of the Indian Pharmaceutical Market.

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