Corona Remedies snags two drugs from Abbott India, plans to build new plant

Indian drugmaker Corona Remedies acquired two prescription drug brands from Abbott India and said it plans to invest $11.1 million in building a new manufacturing facility near its headquarters in Ahmedabad.

The two brands picked up from Abbott include diabetes drug Obimet and Thyrocab, which is used to treat hyperthyroidism. They are expected to generate revenues of $4.6 million in the first year of production at Corona, Hindu Business Line reported.

Additionally, the company said it plans to establish a second manufacturing facility to be located in Bavia. Corona has already purchased the land for the new site, which will be focused on producing drugs for the European market and will have a yearly capacity to make 37 million tablets, 11 million capsules and just over a half-million liquids. It’s expected the new plant will employ 300 workers.

"The Bavla plant will help us focus significantly on international markets in addition to the domestic business,” Tejas Kothari, Corona’s head of strategy, told Business Line. “Currently, our exports are about three to four percent of the revenues, which we expect to touch ten percent in coming years.”

Corona, which focuses on cardiometabolic and neutraceuticals treatments, also manufactures drugs for the gynecology, infertility and neuropathy segments.