Glenmark Pharma divests second non-core asset in a month - here are the details

Eris Lifesciences will acquire a part of Glenmark's dermatology portfolio for Rs 340 crore in the Indian market. The company will acquire nine trademarks of Glenmark's dermatoloty portfolio along with line extensions. This is Glenmark's second sale of its non-core assets in a month after divesting cardiac brand Razel to JB Chemicals and Pharmaceuticals for Rs 313.7 crore.

The deal is valued at 3.9 times trailing sales for the previous financial year, which is largely in-line with the 3.5x-5x valuation of previous deals that took place.

The brands – Onabet, Halovate, Sorvate, Luligee, Demelan, Aceret, Dosetil, Revize, Powercort, and sub-brands (topical dermatology, corticosteroids, psoriasis, demelanising) – made a revenue of Rs 87.3 crore in FY22. Three of these brands – Onabet, Halovate, Sorvate – are ranked No 1 and three are among the top three brands in the segment.