Corona Remedies bets on female hormone complex generics ahead of IPO

Corona Remedies is pushing into female hormone complex generics to expand beyond India, as its Rs 655.3-crore OFS IPO opens December 8, with a new hormone plant and a stake in La Chandra Pharma Labs

Corona Remedies is sharpening its global ambitions with a strategic push into female hormone complex generics, even as it gears up for its initial public offering (IPO) that opens on December 8, 2025.

 

What is Corona Remedies’ strategy for expanding outside India?

 

The India-focused pharmaceutical company has taken a 30 per cent stake in La Chandra Pharma Labs and is building a dedicated hormone manufacturing facility as part of a plan to expand into regulated and semi-regulated markets outside the US and Japan.

 

What are the key details of the Corona Remedies IPO?

 

The IPO, priced in a band of Rs 1,008 to Rs 1,062 per share, will be open for subscription from December 8 to December 10, with anchor bidding scheduled for December 5. The offer is an offer for sale (OFS) aggregating up to Rs 655.3 crore, led by promoter and investor shareholders including Dr Kirtikumar Mehta, Minaxi Mehta, Sepia Investments and others. A discount of Rs 54 per share is being offered to eligible employees. The equity shares are proposed to be listed on NSE and BSE.

 

Why is the company focusing on female hormone complex generics?

 

Corona’s international business today contributes just 3.5 per cent of total revenue, with operations largely in the Commonwealth of Independent States (CIS) and Asia. But the company wants this to expand further in international markets. Its bet is complex generics, particularly female hormones, an area with higher barriers to entry and fewer competitors.

 

“We don’t want to go global with me-too products. Our focus is to develop complex generics and partner with the strongest local players in each market,” said Nirav Mehta, promoter, managing director and chief executive officer of Corona Remedies, in an interaction following the IPO announcement.

 

How is Corona building backward integration and new manufacturing capacity?

 

To achieve this, the company has taken a 30 per cent minority stake in La Chandra Pharma Labs to build backward integration in hormone active pharmaceutical ingredients (APIs), while also constructing a new hormone formulation plant that is expected to go operational within the next two to three quarters.

 

Which markets and partnerships is Corona targeting for its global push?

 

The company has begun preparing regulatory dossiers for multiple international markets, and has already identified partner-led B2B opportunities across Latin America, Asia-Pacific and Europe, excluding the US and Japan, as part of its strategy to scale its complex generics footprint globally.

 

Corona has already inked more than 100 agreements with prospective international partners and plans to conduct bioequivalence studies in postmenopausal women for its hormone products, an important step before filing for approvals abroad.

 

“This is about finding one strong ‘Corona’ in each country, partners who specialise in women’s health and want to lead the category,” Mehta said.

 

How does Corona rank in India and which therapies is it expanding into?

 

In India, Corona Remedies said it has been the fastest-growing pharmaceutical company among the top 30 players, according to Crisil data for MAT June 2024-2025. The company operates in women’s healthcare, cardio-diabetes, pain management and urology, with plans to expand into six new therapies including infertility, rheumatology, spine care, neuropsychiatry, dermatology and gastro.

 

The company has grown across all three traditional growth levers: price, new introductions and volume and improved its rank from 38 to 29 in the past three years in the Indian pharma market. “We are a 1.9 per cent market share company in our therapies; the leader is at 8.2 per cent. There is enough runway within our existing areas,” Mehta noted.

 

What is Corona’s in-house manufacturing capacity and expansion plan?

 

Corona continues to rely heavily on its in-house manufacturing, which accounts for 70 per cent of its output. Two plants currently operate at 95 per cent capacity, and a major expansion in Ahmedabad expected to go live within a month will increase capacity by 40 per cent. The company has an annual capability of 1.2 billion tablets and capsules.

 

“We’re unique in running an EU-GMP-approved plant that supplies only to India,” Mehta said, adding that another facility would be planned over the next two to three years.

 

What is Corona’s stance on acquisitions and partnerships?

 

Corona Remedies remains open to acquisitions or partnerships that can fill therapy gaps, enable entry into new categories, or bring in first-time technologies and in-licensing opportunities. However, Mehta emphasised that organic growth will continue to be the company’s primary engine, with inorganic moves serving only as strategic add-ons.