Creador to invest Rs 118 crore in Corona Remedies

NEW DELHI: Private equity firm Creador plans to invest Rs 118 crore in pharmaceutical firm Corona Remedies.

Cydista Ltd, an affiliate of Creador III L.P., has committed Rs 118 crore ($17.6 million) for a minority stake in Corona Remedies Private Ltd, Creador said in a statement.

Creador Founder and CEO Brahmal Vasudevan said: "Creador is delighted to have this opportunity to partner with Dr Kirtibhai, Nirav and Ankur in shaping Corona's next phase of growth."

With Creador's support, Corona plans to expand presence across India within next two years and also enter into new therapy areas through a combination of organic and inorganic routes, Corona Director Nirav Mehta said.

Incorporated in 2004, Corona currently operates across multiple therapeutic areas and dosage formats with distribution presence in 21 states across the country.