Eris Lifesciences enters insulin segment with JV

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Eris Lifesciences enters insulin segment with JV

In early trading today, Eris Lifesciences' shares jumped nearly 10% as it entered the insulin segment with a joint venture with MJ Biopharm. The pharma stock has gained 2 days of a row of decline. It opened at Rs 732 3.73% higher than the previous close of Rs 705.70 on the BSE.

The midcap stock hit an intraday high of Rs 773.4, rising 9.59% on the BSE. The share is higher than 5 day and 200 day moving averages but is lower than 20 day, 50 day and 100 day moving averages.

The stock has gained 38.57% in a single year and has gone up 26.69% since the beginning of the year. The firm's shares changed hands with a total of 0.13 lakh, which was a turnover of Rs 99.86 lakh on the BSE.

The market cap of the pharma firm went to 9,982 crore on the BSE. The share hit a 52 week high of Rs 863.15 on October 19, 2021 and a 52 week low of Rs 523 on December 7, 2020.

The joint venture's objective is to expand the product portfolio to offer biotherapeutic options to cardiometabolic patients.

Eris Lifesciences will own a 70% stake in the joint venture. It will be primarily involved in marketing and distribution of human and analog insulin including Aspart, Glargine and Lispro and GLP-1 agonists and possibly 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.

More bio-therapeutic formulations will be launched by the joint venture after the completion of product development and commercialisation by the supplier.

Eris now bridges an important gap in its diabetes care portfolio through a joint venture with MJ Biopharm to leverage the market opportunity in human insulin, insulin analogues and GLP 1 agonists, the company said.