After falling for two straight days, shares of Eris Lifesciences jumped as much as 10 percent on Monday after the company said it has formed a joint venture with MJ Biopharm.

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Eris Lifesciences will hold a 70 percent stake in the venture and the remaining 30 percent will be held by MJ Biopharm. The initial contracted tenure of the joint venture will be 10 years.

This joint venture that marks the foray of Eris Lifesciences into the field of Biopharmaceuticals, will primarily engage in the marketing and distribution of Human and Analogue Insulins and GLP-1 agonists among other biopharma products in India.

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The object of this joint venture is the expansion of the product portfolio to offer biotherapeutic options to the patients in the cardio-metabolic segment, Eris Lifesciences said.

The joint venture shall source recombinant human insulin and insulin analogues from the supplier and shall market and distribute them in the domestic market.

Eris Lifesciences will be responsible for ongoing sales and marketing, distribution and pharmacovigilance, while MJ Biopharm will be responsible for supplying products to the joint venture through the terms of a 10-year supply

agreement, the company said.

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More bio-therapeutic formulations are proposed to be launched by the joint venture over time, upon completion of product development and commercialisation by the Supplier.

At 10:47 am, shares of Eris Lifesciences were up 4.1 percent at Rs 734.65 on BSE.

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