CORONA acquires Obimet, Thyrocab brands from Abbott India; to launch manufacturing unit in Gujarat
CORONA Remedies acquires two brands Obimet and Thyrocab, comprising of 14 product line extensions, from Abbott India. With Value addition 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 crores in the first year of integration.
This is CORONA’s second brand acquisition in the previous year has furthered its ranking to 47th, out of 12,000+ companies in the Indian Pharmaceuticals business (according to IQVIA – previously IMS Health and Quintiles).
Tejas Kothari, Head Strategy at CORONA said we see great opportunity and future from these brands, which will strengthen our metabolic segment . 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 possess WHO-GMP certified manufacturing facility in Solan, Himachal Pradesh. The plant has a manufacturing capacity of 100 crore tablets, 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.
Vijay Charlu, Vice President, CORONA said with a strong and passionate team of 3000+ professionals, CORONA is committed to becoming the most admired company in the Indian Pharmaceutical market.
Company has acquired 300,000 sq. ft. land near Bawla in Gujarat, to launch 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.
Recently a press meet in Ahmedabad was organised by CORONA Remedies.