The transaction is expected to close by April 15, 2024, Biocon said. As a part of the deal, it signed a 10-year supply agreement with Eris, it added.

The deal includes the acquisition of two insulin brands, Basalog and Insugen, which Eris said will help its diabetes treatment franchise reach 10 billion rupees in revenue, without specifying a timeline.

With the purchase of the branded formulations business, Eris will enter the oncology and critical care segments, it said.

($1 = 82.8170 Indian rupees)

(Reporting by Varun Vyas in Bengaluru; Editing by Janane Venkatraman and Sonia Cheema)