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Eris, Strides Shasun shares gain up to 7 percent on Rs 500 crore deal

Eris, Strides Shasun shares gain up to 7 percent on Rs 500 crore deal

New Delhi: Shares of Eris Lifesciences and Strides Shasun rose by as much as 7 percent after both the companies entered into a definitive pact to buy Strides India branded business for Rs 500 crore.

The scrip of Eris Lifesciences surged 6.70 percent to end at Rs 624.30 on BSE. During the day, it zoomed 9 per cent to Rs 637.90.

The stock of Strides Shasun, a Bengaluru-based company, rose 3.81 percent to settle at Rs 817.70. Intra-day, it gained 4.33 percent to Rs 821.85.

Ahmedabad-based drug maker Eris Lifesciences has entered into a definitive pact with Strides to acquire latter’s India branded generics business for a cash consideration of Rs 500 crore.

“The transaction is subject to customary closing conditions and parties intend to close the transaction by November 30, 2017,” the companies said in a joint statement on Saturday.

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Source: PTI
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