Cydista Ltd, an affiliate of Creador III LP, has committed Rs118 crores for a minority stake in a private pharmaceutical company Corona Remedies Pvt Ltd. This is Creador's eighth investment in India. The PE firm which invests in growth-oriented businesses in Southeast Asia and South Asia has made 21 investments in the region so far.
Incorporated in 2004, Corona operates across multiple therapeutic areas and dosage formats with distribution presence in 21 states across the country. Corona has demonstrated strong growth over the years and is among the top 60 generic formulations company in India out of 12,000+ companies, according to AIOCD AWACS data. Corona has a 1,400 member strong field force that reaches out to more than 200,000 doctors. The product range includes drugs in the fast growing therapeutic segments like cardio diabetic, nutraceuticals, gynecology, orthopedic and pediatrics.
The Indian domestic pharmaceutical market size is Rs 1 trillion and growing at a fast pace driven by better diagnosis and rising prevalence of chronic diseases. Enhanced medical infrastructure and rising affordability is also contributing to higher spend on overall healthcare.
"With Creador’s support, the company plans to expand presence across India within next 2 years and also enter into new therapy areas through a combination of organic and inorganic routes," says Nirav Mehta, director, Corona Remedies, in a statement.