Corona Remedies acquires two brands from Abbott - (The Economic Times via NewsPoints Desk)

  • Corona Remedies announced the acquisition of Abbott India's Obimet and Thyrocab brands, comprising 14 product line extensions, reported The Economic Times.

  • Both these brands are prescription drugs indicated to manage diabetes and hyperthyroidism, said Tejas Kothari, head of strategy at Corona.

  • The brands "are expected to garner sales revenue of around Rs 25 crore in the first year of integration," Kothari added.

  • In addition to the acquisitions, Corona also announced the set-up of its second manufacturing facility at Bavla near Ahmedabad.

  • Vijay Charlu, vice president of sales and marketing, said "the new plant will mostly cater to the European market [and] will become operational by the end of 2019."

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