Eris Lifesciences is buzzing loud and clear today morning. Opening over 3.5% at Rs.732, the stock went on to hit an intraday high at Rs.773.40, up 9.5% on the back of an over 2-times surge in volumes.
The stock price surged after it announced that it has formed a joint venture (JV) with Mumbai-based MJ Biopharm to enter the insulin segment, marking Eris’s entry into the field of biopharma.
This JV, known as Eris MJ Biopharm, is a 70:30 venture with Eris holding a 70%, will market and distribute 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.