Deal Street

April 07, 2018

Corona Remedies acquires two brands from Abbott India


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On April 2, Ahmedabad-based pharma firm Corona Remedies announced the acquisition of Obimet and Thyrocab brands, comprising of 14 product line extensions, from Abbott India.

The acquired brands are popular prescription drugs to manage diabetes and hyperthyroidism.

"This is the second brand acquisition by the company in the past year. Both these brands acquired by us are expected to garner a sales revenue of around Rs 25 crore in the first year of integration," Tejas Kothari, Head-Strategy at Corona said.

Krishna & Saurastri Associates LLP acted for Corona Remedies Pvt. Ltd.in both the brand acquisition transactions and the team was led by Partner, Mr. Manish Saurastri.

In addition to these acquisitions, Corona has also laid out an investment plan of Rs 60 crore towards setting up its second manufacturing facility at Bavla near Ahmedabad in Gujarat. Moreover, the company plans to fund the expansion through internal accruals.

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