Prabhudas Lilladher's research report on Eris Lifesciences
Eris Lifesciences (ERIS) announced its entry into India’s Insulin and GLP1 agonists market through JV with MJ Biopharm. The 70:30 Joint Venture (with ERIS holding a 70% stake) will primarily engage in marketing and distribution of Human and Analogue Insulin and GLP-1 agonists, along with potentially other biopharma products in India. MJ Biopharm will be responsible for development, manufacturing and supply of these products to the JV.
Outlook
ERIS’s timely strategy of capacity expansion and higher contribution from chronic/sub-chronic products supported by insignificant regulatory risk, allows it to stand ahead in the industry. We have not factored any revenues and expenses from this JV. Maintain our ‘BUY’ rating with TP of Rs954 at 24x Sept 2023E EPS.
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