Eris Lifesciences share zooms 10% as company forms JV with MJ Biopharm

Shares of Eris Lifesciences jumped nearly 10% in early trade today as the company marked its entry into the insulin segment with a joint venture with MJ Biopharm. The pharma stock has gained after 2 days of consecutive fall. It opened 3.73% higher at Rs 732 today against previous close of Rs 705.70 on BSE.

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

The stock has gained 38.57% in one year and risen 26.69% since the beginning of this year. Total 0.13 lakh shares of the firm changed hands amounting to turnover of Rs 99.86 lakh on the BSE.

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

The objective of the joint venture is to expand the product portfolio to offer biotherapeutic options to cardio-metabolic patients, the company said.

Eris Lifesciences will own 70% stake in the joint venture. It will primarily engage in marketing and distribution of 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.

The first of such products to be commercialised will be 'recombinant human insulin', which will be marketed in vials and cartridges, it said.

Upon completion of product development and commercialisation by the supplier, more bio-therapeutic formulations will be launched by the joint venture.

"Eris now bridges an important gap in its diabetes care portfolio through the joint venture with MJ Biopharm to leverage the market opportunity in human insulin, insulin analogues and GLP1 agonists," the company said.