Eris Lifesciences said on Wednesday it had acquired Mumbai-based dermatology-focused domestic formulation firm Oaknet Healthcare for Rs 65 crore. The pharma company said that the acquisition would be completed through a share purchase agreement, and Oaknet would become a wholly-owned subsidiary of Eris.

The transaction will be funded by internal accruals of Rs 300 crore and borrowings of Rs 350 crore, it added. Amit Bakshi, chairman and managing director of Eris Lifesciences, noted that Oaknet provides a strong growth platform for the company in the dermatology and aesthetics segment.

With a revenue base of Rs 195 crore in FY22, Oaknet brings a well-established portfolio of leading brands in dermatology and women’s health to Eris Stables, the pharmaceutical company said. It added that Oaknet has almost 100 per cent coverage of about 11,000 dermatologists across the country.

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“The acquisition of Oaknet brings key brands such as Cosvate and Cosmelite into the Eris portfolio. We expect to bring multiple value creation levers, including in-house manufacturing, new product launches, improved field productivity and improved operational efficiency,” said Eris Lifesciences Executive Director and Chief Executive Officer Operations Officer Krishnakumar V.