IPO-bound Corona Remedies acquires cardiac, women health brands from Bayer

The acquisitions will strengthen Corona Remedies' presence in cardiology and women healthcare.

IPO-bound Corona Remedies on July 17 announced acquiring seven brands from Bayer AG’s India pharmaceutical division, its fourth acquisition from multinational corporations. The financial details of the deal were not shared by the firm.

The acquisitions, effective July 16, includes cardiology brand Noklot and women’s healthcare brands Fostine, Luprofact, Menodac, Ovidac, Spye and Vageston.

The acquisitions, meant for the Indian market, strengthen Corona Remedies’ presence in cardiology and women healthcare segments. It also marks the company’s entry into the anti-platelet market, valued at Rs 1,507 crore with an 8 percent growth rate.

The market for antiplatelet drug is seeing a steady growth as cardiovascular diseases see a spike. Cardiovascular diseases are a leading cause of death and antiplatelet drugs help in preventing and managing heart attacks and strokes.

The acquisitions aim to bolster Corona Remedies' women’s healthcare portfolio, particularly in the gonadotrophin and progesterone hormone market, which stands at Rs 1,862 crore as of June, and is primarily used for infertility treatment and pregnancy management.

Corona Remedies plans to leverage its sales, marketing team and extensive distribution network to ensure the newly acquired portfolio reaches patients across various regions, from metro to rural areas, the company said. GCV Life advised Corona Remedies on the transaction.

Founded in 2004, Corona Remedies is focused on branded formulation and is known for acquiring so-called tail brands from MNCs and turning them around with focused marketing and sales strategy.

The company also develops, manufactures and markets products in therapeutic areas such as women’s healthcare, cardio-diabetology, pain management, and urology.

The company filed on April 30 an Rs 800-crore draft red herring prospectus with SEBI on April 30. The IPO is an offer for sale by promoters and investors with no fresh issue component.