India: Eris Lifesciences acquires anti-diabetes novel drug Zomelis for $13m

Photo: Mint

Eris Lifesciences on Tuesday announced the acquisition of the trademark for anti-diabetes novel drug Zomelis for $13 million, the company said in a release. The acquisition of the trademark from Novartis AG is only for the Indian market.

The Indian drugmaker will start selling the product from December 10 in the Indian market, the company said.

Zomelis, the common name for which is vildagliptin, is used to treat type 2 diabetes, and is the first innovator pharmaceutical product trademark acquisition by Eris Lifesciences.

“The acquisition of Zomelis will help us strengthen our position in the diabetes care market in India. Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients,” Eris Lifesciences chairman and managing director Amit Bakshi was quoted as saying in the release.

Founded in 2007, Eris Lifesciences is among the top 10 players in the anti-diabetes drugs segment in the Indian Pharmaceutical Market, the company said quoting data by market research firm AIOCD-AWACS for October.

Today, shares of Eris Lifesciences closed 2.6% lower at 433.90 on the National Stock Exchange.

This article was first published on livemint.com.

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In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.