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ChrysCapital, one of the leading private equity funds in India, has announced its investment in Corona Remedies Private Limited (Corona), one of the country's fastest growing pharmaceutical companies, by acquiring a 27 per cent stake through an entirely secondary deal.
Commenting on the investment, Kshitij Sheth, Director, ChrysCapital, said, "ChrysCapital is very excited to partner with Corona in its growth journey. The domestic pharmaceutical market is a large, attractive and resilient market with a healthy outlook. Corona is among the fastest growing companies in the Indian pharmaceutical market with presence in exciting therapeutic areas including cardiology, diabetology and gynaecology. ChrysCapital believes Corona is an excellent platform with a combination of a great management team, strong brands and superior marketing capabilities, all the ingredients to scale multi-fold and create significant value." "We are pleased to welcome ChrysCapital as an investor and partner for the next phase of Corona's journey. ChrysCapital has deep capabilities and an excellent track record of collaborating with entrepreneurs to build industry leading players, especially in pharmaceuticals. We intend to leverage our strong management capabilities and ChrysCapital's extensive sectoral knowledge to drive Corona's growth as we take it to new heights. Together, we are focused towards creating value for all stakeholders," said Nirav Mehta, Founder Director of Corona Remedies. Spark Capital Advisors and Vertices Partners advised Corona while Shardul Amarchand Mangaldas advised ChrysCapital. Founded in 2004 by Kirti bhai Mehta and his two sons, Nirav and Ankur Mehta, Corona is among the fastest growing companies in the domestic formulations sector in India. Its product range includes formulations in therapeutic segments like gynaecology, cardio diabetic, nutraceuticals, anti-infective, orthopaedic and paediatrics. Corona has scaled up rapidly due to its experienced management team, diversified product range, focus on affordable yet high-quality formulations, robust distribution network and an experienced field force of 2,000 medical representatives. ChrysCapital is one of the largest and most established India-focused investment firms. The firm has raised $4 billion across eight funds and is currently investing out of its $900 plus million eighth fund. Since inception, ChrysCapital has made 90 plus investments across a variety of sectors, including some marquee investments in the Pharmaceutical sector such as Intas Pharma, Mankind Pharma, Eris Lifesciences, Torrent Pharma, Ipca Labs, Curatio Healthcare and Zydus Cadila. The firm has realized over $5.6 billion from 70 plus full exits and has fully monetized five successive funds with strong net US dollar returns. --IANS san/arm ( 411 Words) 2021-04-05-20:48:13 (IANS)
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