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Drug Money

In bad times, a good IPO births a new unicorn

After a long time, Indian pharma is at its lowest ebb, in stocks and sentiments. But Ahmedabad’s Eris Lifesciences beat the odds. Valued at Rs 8070 crore, it’s a pharma company that is making the domestic market look promising once again

30/06/17

Seema Singh

Eris makes specialty drugs, which is a subset of the crowded branded generics market. As much as 96% of its prescriptions are written by specialists

Going public was a decision, guided not by the company’s need for funds but the private equity investor, ChrysCapital’s need for an exit

As a purely domestic company, Eris is shielded from the vagaries of the international market, which have battered all the top Indian pharma companies

There’s a market perception that Eris has a push-sales model, as opposed to the more common pull-sales model

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When the bourses closed last evening, Amit Bakshi was worth Rs 3,225 crore and Eris Lifesciences, a pharmaceutical company he founded 10 years ago, became a legitimate unicorn. The most profitable, fastest-growing pharma company in five years with the handsomest return on capital employed—the descriptors have been glowing, even as the industry prospects have dimmed of late.

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