Eris Lifesciences will hold 70 percent stake in the JV and engage in marketing and distribution of human and analogue insulins and GLP-1 agonists among other biopharma products in India
Shares of Eris Lifesciences jumped almost 10 percent in trade on December 6 after the company, on December 3, announced that it has formed a 10-year joint venture with MJ Biopharm to enter the insulin segment.
The objective of the joint venture is to expand the product portfolio to offer biotherapeutic options to cardio-metabolic patients, the company said in a regulatory filing.
The stock rose to a day’s high of Rs 773.40, and at 9:54am, it was trading 5.5 percent higher at Rs 744.05 on the BSE. The stock had hit a 52-week high of Rs 863.15 in October.
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While Eris Lifesciences will hold 70 percent stake in the joint venture with MJ Biopharm. It will primarily engage in marketing and distribution of human and analogue insulin including Aspart, Glargine and Lispro and GLP-1 agonists and potentially other biopharma products in India. MJ will be responsible for the development, manufacturing and supply of these products to the JV.
The first of such products to be commercialised will be ‘recombinant human insulin’, which will be marketed in vials and cartridges, it said.
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Upon completion of product development and commercialisation by the supplier, more bio-therapeutic formulations will be launched by the joint venture.
“Eris now bridges an important gap in its diabetes care portfolio through the joint venture with MJ Biopharm to leverage the market opportunity in human insulin, insulin analogues and GLP1 agonists,” the company said.
