Eris Lifesciences Ltd having acquired trademark 'Zomelis' and its associated trademarks from Novartis AG, based at Basel Switzerland for Indian pharmaceuticals market with effect from 10th December 2019. The other details connected to the transaction are as under:
1. The trademark has been used for marketing Vildagliptin formulations; an oral anti-diabetic drug that has been promoted in India for close to 10 years;
2. The trademark along with its applicable associate marks presently enjoy sales on a moving annual total (MAT) basis of Rs.63.96 Crores;
3. One of the Indian patents pertaining to Vildagliptin, namely Patent No. 212815 of the Patent holder, shall expire in the month of December 2019. The assignment of Zomelis trademark, which enjoys aforementioned patent exclusivity, is expected to provide a head-start to Eris vis- à-vis other branded generic players after the scheduled expiry of the aforementioned patent.
4. The consideration involved in this trademark acquisition is USD 13 Million
Shares of Eris Lifesciences Ltd was last trading in BSE at Rs.432 as compared to the previous close of Rs. 445.65. The total number of shares traded during the day was 2505 in over 236 trades.
The stock hit an intraday high of Rs. 450.2 and intraday low of 432. The net turnover during the day was Rs. 1099752.