“Krishnakumar has resigned from EY India and is currently serving his notice period. Over the course of the next few months, he is likely to join Eris Lifesciences as an ED overseeing operations,” said an individual familiar with the proposed move.
“As part of the proposed move, Krishnakumar may also join the board of directors of Eris Lifesciences,” added a second individual.
Both individuals spoke to Moneycontrol on condition of anonymity.
When contacted for a response, Krishnakumar declined to comment. EY India did not respond to an email query from Moneycontrol. Amit Bakshi, Chairman and Managing Director of Eris Lifesciences declined to comment via a text message and Moneycontrol is awaiting the response to an email query sent to the pharma firm. This article will be updated when it hears from the company.
KK’S JOURNEY AS A DEALMAKER
V Krishnakumar, or ‘KK’ as he is referred to in deal circles, has been with EY India for nearly 9 years. Prior to EY India, he served as an executive director, investment banking at Avendus Capital, where he built the Lifesciences M&A practice.
The move to Eris Lifesciences will not be Krishnakumar’s first brush with India Inc. According to his LinkedIn profile, he was also President ( Strategy) at Piramal Pharma Solutions where, as a core member of Piramal’s international business, he was involved in strategic planning, cross-border M&A and post-merger Integration.
The IIM Calcutta alumnus also had a five-year stint at McKinsey & Company.
On August 31st, 2020, Moneycontrol had reported that Charanjit Attra, a partner in Financial Accounting Advisory Services (FAAS) at EY India and a former ICICI Securities senior executive, was headed to State Bank of India (SBI) as its new chief financial officer (CFO).
A CLOSER LOOK AT ERIS LIFESCIENCES
ChrysCapital held a 5.51 % stake in Eris Lifesciences as of March 2020. The Ahmedabad-based drug maker had a market cap of Rs 7,288 crores at the end of day’s trade on 29th September. It posted revenues of Rs 1,020 crores and a net profit of Rs 291 crores in FY 19-20. The firm has a manufacturing facility at Guwahati, Assam and a significant presence in chronic, sub chronic and acute segments.
Diabetes care, cardiac care and vitamins and minerals are the top three revenue contributors in its portfolio. The firm has a portfolio of 112 mother brands across therapy areas and its 15 marketing divisions cater to over 80,000 specialists and super-specialist doctors.As part of a recent realignment, the operations of Eris Lifesciences were divided into four strategic business units or clusters - two for the cardio-metabolic franchise, one for CNS and one for the acute franchise.