Ahmedabad-based drug maker Eris Lifesciences has entered into a definitive pact with Bengaluru-Based Strides Shasun to acquire latter's India branded generics business for a cash consideration of Rs 500 crore.
"The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30, 2017," the companies said in a joint statement.
Strides' India branded generics business comprises a portfolio of over 130 brands in the domains of neurology, psychiatry, nutraceuticals and Gastro, among others, it added.
"Along with the brands, the employees of Strides' India branded generics business will also become a part of Eris, but the exact numbers have to be worked out," Eris Lifesciences MD Amit Bakshi told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)