Corona Remedies, an Ahmedabad based pharma firm has announced the acquisition of Obimet and Thyrocab brands, comprising 14 product line extensions, from Abbott India.
Tejas Kothari, Head-Strategy, Corona made this announcement on Monday saying that these brands were 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,” Kothari said.
In addition to the acquisitions, the company which has its manufacturing facility in Himachal Pradesh currently made announcement about setting up its second manufacturing facility at Bavla village near Ahmedabad.
“Our existing plant in Himachal Pradesh is having a manufacturing capacity of 100 crore tablets, 6 crore capsules and one crore liquid bottles per annum,” Vijay Charlu, vice president of sales and marketing said.
“Now, we are setting up our second plant at Bavla with an investment of Rs 60 crore. The new plant will mostly cater to the European market. It will become operational by the end of 2019. This plant will produce 200 crore tablets, 60 crore capsules and 3 crore liquid bottles,” Charlu further stated.