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Eris Lifesciences Ltd said, on Thursday, it bought nine dermatology brands from Dr. Reddy's Laboratories Ltd in $33.2 million deal to expand its portfolio in cosmetic dermatology.
The all-cash deal will be closed on or before March 31, Eris said in a stock exchange filing.
Also read: Dr. Reddy’s buys trademark rights for Primcyv from Pfizer for domestic market
Separately, Dr. Reddy's said the divested non-core dermatology brands included Hydroheal, Revilus, Avarta, and Aquaderm to Eris.
The deal comes two months after Eris said it would acquire a portfolio of dermatology brands from Glenmark Pharmaceuticals Ltd for ₹340 crore to deepen its presence in the anti-fungal and anti-psoriasis segments.
Also read: Glenmark distribution pact with Cediprof in the US for hyperactivity disorder drug
Shares of Eris closed 1% lower on Thursday in their sixth straight session of losses. They have fallen 10% since announcing the deal with Glenmark.
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