M&A
Eris acquires Oaknet Healthcare for Rs.650-Cr to gain foothold in derma segment
Publicly listed, Ahmedabad-based Eris Lifesciences is to acquire 100% stake Mumbai-based Oaknet Healthcare for INR 650 crore in an all cash deal. Oaknet had reported sales of INR 195 crore in FY21. The deal will be financed by INR 300 crore of internal accruals and INR 350 crore of borrowings. Oaknet has near 100% coverage of around 11,000 dermatologists across India with a 60% penetration and has a pan India sales and distribution presence. Along with dermatology, the company sells products in other therapeutic categories such as gynaecology, pain management, nutrition, cardiology and diabetes.
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