Eris added that it will start selling the product in the Indian market from December 10 onwards.
Eris Lifesciences on December 3 said it had acquired the trademark for anti-diabetes drug Zomelis from Novartis , for a consideration of $13 million. Eris added that it will start selling the product in the Indian market from December 10 onwards.
Zomelis, generically known as Vildagliptin, is used to treat type 2 diabetes and comes under a new class of anti-diabetic drugs known as DPP-4 inhibitors.
Eris is among the top 10 players in the anti-diabetes drugs segment in the Indian Pharmaceutical Market (IPM).
"The acquisition of Zomelis will help us strengthen our position in the diabetes care market in India," said Amit Bakshi, Chairman and Managing Director, Eris Lifesciences.
"Zomelis is a strong brand amongst the super-speciality prescriptions and has been promoted for close to 10 years. Our inorganic growth strategy continues as we explore good opportunities to strengthen our product offering for patients,' he added.
This is the first innovator pharmaceutical product trademark acquired by the Ahmedabad-based drugmaker.
In December 2017, Eris acquired the branded business portfolio of Strides Shasun in a deal worth Rs 500 crore, gaining a foothold in the central nervous system (CNS)-drug segment.
Three of its previous acquisitions- UTH, Kinedex and Amay Pharma (trademarks) – also gave it an entry into the nutraceuticals, women’s health and IVF segments.
Zomelis was earlier sold in India by Abbott under a license from Novartis. Novartis sells Vildagliptin under a separate trade name (Galvus) in India. The Vildagliptin patent held by Novartis is set to expire worldwide in December 2019, opening the market for generics. Vildagliptin has about a 25 percent share of the Indian gliptins market which is worth Rs 3,600 crore.Zomelis was sold in India by Abbott under a license from Novartis.
Novartis sells Vildagliptin under a separate trade name Galvus in India.Vildagliptin patent held by Novartis is set to expire worldwide in December 2019 opening the market for generics. Vildagliptin has about 25 per cent share of the Indian gliptins market of Rs 3,600 crore.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.