Eris Lifesciences rose almost 7.5% to Rs.628.20 and Shasun Strides rose to around 4.5% at Rs.821.85; both reflecting very robust volumes.

Both the stocks are up after they announced they have entered into a definitive agreement for sale of Strides’ India branded generics business to Eris for an aggregate cash consideration of Rs 500 crore. 

The Indian branded generics business of Strides being divested to Eris had recorded a turnover of Rs.181 crore in FY17. Strides’ India branded generics business comprises of a portfolio of 130 plus brands in the domains of neurology, psychiatry, nutraceuticals and gastro.

Eris will acquire the marketing and distribution rights of the products in India while Strides will retain the global rights for these products.