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Ahmedabad-based CORONA Remedies on Thursday announced an expansion of its pharmaceutical portfolio, acquiring seven brands from the pharmaceutical division of Bayer in India, effective from 16 July. This move marks CORONA Remedies’ fourth acquisition from a multinational corporation. The company did not disclose the value of the deal.
The acquisition includes Noklot in the cardiology segment and six women’s healthcare brands — Fostine, Luprofact, Menodac, Ovidac, Spye and Vageston.
This portfolio expansion marks CORONA’s entry into the Rs 1,507-crore anti-platelet monotherapy market, which is growing at 8 per cent annually, and deepens its footprint in the Rs 1,862-crore gonadotrophin and progesterone hormone segment, used primarily in infertility treatment and pregnancy management.
When contacted for financial details of the deal, the company stated that it was unable to disclose them at this time as it has filed for an initial public offering (IPO).
The company plans to integrate the newly acquired brands into its existing operations and leverage its extensive sales and distribution network to ensure wider reach across metro, semi-metro, urban and rural regions. CORONA Remedies said the brands are expected to deliver growth under its stewardship. GCV Life served as the advisor for the transaction.
Founded in 2004, CORONA Remedies is a branded pharmaceutical company focused on therapeutic areas such as women’s healthcare, cardio-diabetes, urology and pain management. The company employs over 4,000 people and operates two Department of Scientific and Industrial Research (DSIR)-approved research and development centres.
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