Why did Eris Lifesciences rally so sharply on Monday 06-December?
Answer
Answer
On Monday, the 06-December, Eris Lifesciences had a solid 10% rally, despite a sharp crack in the overall indices. This rally was triggered after it announced a joint venture with Mumbai-based MJ Biopharm to foray into the insulin segment. The joint venture will be split with 70% to Eris and 30% to MJ Biopharm.
The joint venture will engage in the marketing and distribution of human and analogue insulin including Aspart, Glargine and Lispro and GLP-1. As part of the deal, MJ Biopharm will be responsible for development, manufacturing and supply. For Eris this marks the first foray into Biopharm.