Move will boost the CORONA growth story, marking its entry into thyroid management and fortifying its anti-diabetic portfolio
CORONA Remedies has acquired Obimet and Thyrocab brands, comprising of 14 product line extensions, from Abbott India. Now added to CORONA’s portfolio, these brands are popular prescription drugs to manage diabetes and hyperthyroidism. Both brands are expected to garner approximate sales revenues of Rs 25 crore in the first year of integration.
This is CORONA’s second brand acquisition in the past one year, advancing its ranking to 47th, out of 12,000+ companies in the Indian Pharmaceuticals market (according to IQVIA – previously IMS Health and Quintiles).
“We see great opportunity and future from these brands, which will strengthen our metabolic segment,” said Tejas Kothari, Head – Strategy at CORONA. “This acquisition, following the one from GSK earlier, is in line with our inorganic growth strategies. We are also in active discussions with a few other companies for further brand acquisitions in the coming days,” he added.
‘Obimet’ will extend and fortify CORONA’s anti-diabetic portfolio while ‘Thyrocab’ will open entry into thyroid management. Both drugs are part of anti-diabetic and thyroid management segments that has a market worth Rs 10,839 crore, with a growth of nearly 13 per cent year-on-year, according to the January 2018 MAT AWACS data.
CORONA has a WHO-GMP certified manufacturing facility in Solan, Himachal Pradesh. The plant has a manufacturing capacity of 100 croretablets, 6 crore capsules and 1 crore liquids per annum. CORONA is amongst the few companies who have a D.S.I.R. (Department of Scientific and Industrial Research, Delhi) approved R & D facility, also at Solan.
“With a strong and passionate team of 3000+ professionals, CORONA is committed to becoming the most admired company in the Indian Pharmaceutical market,” said Vijay Charlu, Vice President, CORONA.
The company has also now acquired 300,000 sq. ft. land near Bavla, Gujarat, to set up a second state-of-the-art manufacturing facility. The new plant will be PIC/ S compliant (European compliance norm) with a total manufacturing capacity of 200 crore tablets, 60 crore capsules and 3 crore liquids per annum. This will help the company to focus significantly on international markets in addition to the domestic business.