Creador to invest $17.6 million in Corona Remedies

Company to expand across India in next two years and also enter into new therapy areas through a combination of organic and inorganic routes

Cydista Limited, an affiliate of Creador III LP, has committed $17.6 million (around Rs 118 crore ) for a minority stake in a private pharmaceutical company Corona Remedies Private Limited (Corona).
 
This is the 21st investment for Creador – and its eighth in India – a private equity firm focused on long-term investments in growth-oriented businesses in Southeast Asia and South Asia.
 
Corona was incorporated in 2004 by Dr. Kirtibhai Mehta and his two sons, Nirav and Ankur Mehta, Corona today operates across multiple therapeutic areas and dosage formats with distribution presence in 21 states across the country. It has a WHO-GMP certified manufacturing facility located in Solan, Himachal Pradesh.

 

Corona claims it is among the Top 60 generic formulations company in India out of 12,000+ companies according to AIOCD AWACS data.
 
The product range includes drugs in the fast growing therapeutic segments like cardio diabetic, nutraceuticals, gynecology, orthopedic and pediatrics. 
 
“Corona has been successful in building a strong presence due to its product range, focus on affordable quality healthcare, robust distribution network and an experienced field force,” NIrav Mehta said in a statement.
 
With Creador’s support, the company plans to expand presence across India within next 2 years and also enter into new therapy areas through a combination of organic and inorganic routes.

 
Brahmal Vasudevan, Founder and CEO of Creador said, “Creador is delighted to have this opportunity to partner with Dr. Kirtibhai, Nirav and Ankur in shaping  Corona’s next phase of growth. We have been impressed by their passion and the way they have scaled in high growth therapy areas.”