Eris Lifesciences Limited (NSEI:ERIS) agreed to acquire Biocon Biologics India Branded Formulations business for INR 12.42 billion on March 14, 2024. The consideration consists of INR 12420 million in cash. As part of the consideration, INR 12420 million was paid towards assets.

Eris has also signed a 10-year supply agreement with Biocon Biologics Ltd. as part of this deal. The deal will be funded through debt financing. Over 435 employees are expected to transition from Biocon to Eris pursuant to the deal.

The transaction is expected to achieve financial closure before 15th April 2024.