ChrysCapital buys 27 percent stake in Corona Remedies for Rs 670 crore
PBT Raises Rs 18 Crore on Social Stock Exchange for Free Healthcare Initiative
New Delhi: ChrysCapital, an Indian private equity firm, has bought a 27 percent stake in Gujarat-based drug maker Corona Remedies through a secondary transaction for Rs 670 crore.
A Malaysian private equity firm Creador struck a deal with ChrysCapital in which it sold its minority stake in Ahmedabad-based firm Corona Remedies to a local private equity firm, ChrysCapital.
With this deal, the private equity firm Creador has made its full exit from Corona Remedies with a 4.0x return and an internal rate of return of 35% in INR terms (or 3.7x return and an IRR of 32% in USD terms).
As per the recent media report in The Economic Times, Chrys Cap has signed a deal with Creador and the promoter to acquire the minority stake in Corona Remedies for Rs 670 crore and the deal values Corona Remedies at Rs 2300 crore.
In July 2016, Creador III had invested Rs 1,180 million ($17.6 million) for a minority stake in Corona.
Corona Remedies is a company in India's domestic formulations market, founded in 2004 by Dr Kirtibhai Mehta and his two sons, Nirav and Ankur Mehta. It is a pharma manufacturer and distributor whose product line contains formulations for gynaecology, cardio diabetes, nutraceuticals, anti-infectives, orthopaedics, and paediatrics, among other therapeutic areas. Corona's revenue expanded by 2.6x and EBITDA increased by over 8x during Creador's investment period.
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.