Biocon Biologics, a subsidiary of Biocon Ltd, has signed a 10-year deal with Eris Lifesciences to provide Metabolics, Oncology, and Critical Care products in India. This agreement, worth ₹1,242 crore, aims to improve patient access to these medicines. The deal is set to begin before April 15, 2024, pending standard closing procedures.
The agreement will see over 430 employees transition to Eris, ensuring continuity for both staff and patients. CEO Shreehas Tambe stated that this collaboration aligns with Biocon Biologics’ strategy to reach more patients in India. The company aims to deliver high-quality biosimilars to millions of patients through this partnership.
This collaboration expands on Biocon’s existing partnership with Eris for Nephrology and Dermatology products announced in December 2023. Biocon reported a consolidated net profit of ₹660 crore for the third quarter of the fiscal year 2023-24, driven by strong sales. Total revenue rose to ₹4,519 crore, marking significant growth compared to the same period last year.
Following the announcement, Biocon’s shares rose by 5.8%, while Eris’ stock saw a 3.8% increase in closing.
