Ahmedabad-based drugmaker Corona Remedies Pvt Ltd has picked up a minority stake in hormone API maker La Chandra Pharmalab Pvt Ltd as a part of a strategic collaboration between the two companies.
La Chandra Pharmalab is an EU GMP-compliant API manufacturer with a production facility at Palanpur in north Gujarat. Corona Remedies makes a range of products for gastrointestinal therapy, pain therapy, cardiovascular therapy and gynaecological therapy, among others.
La Chandra is a manufacturer and supplier of pregnancy care drug progesterone in India and holds international regulatory approvals for a range of hormone APIs.
Priyvrat Gadhvi, Managing Director, La Chandra Pharmalab, said: "Our technical capabilities and expertise in sunrise technologies in API manufacturing shall be greatly augmented with Corona Remedies’ market strength. This alliance will also help us leverage our strong pipeline. The deal comes at the perfect time for us with a combination of macro parameters such as high demand, technology, Indian manufacturing and regulatory strengths defining an inflection point in our growth journey."
Nirav K Mehta, Promoter & Executive Director, Corona Remedies, said: "The deal signals backward integration and thrust on hormone therapeutics for Corona, and is an important milestone in our growth journey. With its dynamic growth, focus on niche APIs and strong technical expertise, La Chandra Pharmalab is the ideal collaborator for us."