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Pharma player Eris Lifesciences has acquired the entire shareholding of the Pune-based UTH Healthcare, a move that will strengthen the former’s existing portfolio.
Ahmedabad-headquartered Eris Lifesciences, which had a turnover of ₹162 crore (as on June 2017) acquired 100 per cent shareholding of UTH Healthcare for a consideration of ₹12.85 crore in an all-cash deal. The deal was completed on October 1.
Set up in 2011, UTH Healthcare has operations in the pharmaceuticals and neutraceuticals industry with annual turnover of ₹25.57 as on March 31, 2017.
Amit Bakshi, CMD, Eris Lifesciences, said, “UTH is probably the first of its kind nutrition-focus company founded by AK Khanna, an industry doyen and living legend, having an impeccable track record in the industry”.
AK Khanna, Chairman, UTH Healthcare Ltd, said, “This is a unique position to work from where the two entities will leverage their strengths and add value. With this, I've signed up for a bigger role at Eris and look forward to making notable contribution to the industry at large.”
UTH Healthcare is largely engaged in the segments of obesity, diabetes, gestational diabetes mellitus, maternal nutrition, and cardio-vascular diseases, an Eris filing said.
IPO launched
Notably, Eris Lifesciences had launched its initial public offering (IPO) in June to raise about ₹1,741 crore.
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.
In December 2016, Eris entered into a share purchase and shareholders agreement to acquire 75.48 per cent in Kinedex, for an aggregate consideration of ₹77.18 crore.
Eris is a developer, manufacturer and seller of branded pharmaceutical products in select therapeutic areas within the chronic and acute categories.
On Wednesday, Eris shares gained about 1 per cent on the BSE to close at ₹583.1.
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