Ahmedabad-based Corona Remedies, which counts private equity firm ChrysCapital as an investor, has bought drugmaker Sanofi Healthcare India's muscle relaxant brand Myoril for Rs 234 crore.
The deal comes at a time when Sanofi is demerging its consumer healthcare business into a wholly-owned subsidiary, Sanofi Consumer Healthcare India.
The acquisition of the Myoril brand for the Indian market is effective from June 28, 2023. The deal aims to position Corona as a key player in the muscle relaxant segment, said a press statement.
Myoril is a popular brand in the muscle relaxant space with a revenue of Rs 38 crore. The deal aims to strengthen Corona's existing lineup of more than 80 brands.
In 2021, ChrysCapital acquired a 27% stake in Corona Remedies via a secondary transaction. The deal helped private equity firm Creador sell its entire stake in Corona.
Corona Remedies, launched in 2004 by Kirtibhai Mehta and his sons Nirav Mehta and Ankur Mehta, manufactures tablets, capsules, syrups, ointments, gum paints, and injectables.
Corona Remedies has expanded its presence across India and has also entered new therapy areas through a combination of organic and inorganic growth routes.
In 2017, VCCircle reported that Corona Remedies would buy portfolio of drugs from a multinational pharmaceuticals company to scale up its business. It also acquired a minority stake in hormone active pharmaceutical ingredient (API) maker La Chandra Pharmalab.
Sanofi India reported a decline of 20.1% in net profit to Rs 190.4 crore against Rs 238.4 crore y-o-y. Revenue from operations rose by 4.2% to Rs 736.5 crore in the quarter under review from Rs 707 crore in the year ago period, said Sanofi India in its regulatory filing.
The consumer healthcare business of the company includes assets, liabilities and all other aspects pertaining to the consumer healthcare business including brands like Allegra, Combiflam, DePURA , Avil, and others.
