CORONA Remedies picks up stake in La Chandra Pharmalab

New Delhi, September 09, 2020: Ahmedabad-based pharma major CORONA Remedies Pvt. Ltd. has picked up a minority stake in Gujarat-based Hormone API manufacturer 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 having its production facility in Palanpur in north Gujarat. It has emerged as a leading manufacturer & supplier of pregnancy care drug Progesterone in India and holds international regulatory approvals for a range of Hormone APIs.

CORONA Remedies makes a range of products for gastrointestinal therapy, pain therapy, cardiovascular therapy, gynaecological therapy, among others.

Commenting on the development, Priyvrat Gadhvi, Managing Director, La Chandra Pharmalab, said, “This collaboration heralds a new phase of exponential growth for us. Our technical capabilities and expertise in sunrise technologies in API manufacturing shall be greatly augmented with CORONA’s 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.”

Mr. 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. We are excited about the prospect of developing a range of high-potential products with this tie-up.”

Corporate Comm India (CCI Newswire)