Ahmedabad-based pharmaceutical company CORONA Remedies has acquired the muscle relaxant brand Myoril from Sanofi India for Rs234 crore. The acquisition includes Myoril and its extensions. This acquisition comes after Corona s previous acquisitions of drug brands from GlaxoSmithKline and Abbott India. Myoril, with annual sales of Rs38 crore and a growth rate of 6.8%, will strengthen Corona s presence in the growing muscle relaxant market in India, which is valued at Rs1,626 crore.
Sanofi India that upon completion of the transaction, the acquirer Encube Ethicals would be handed over rights to sell and distribute Soframycin and Sofradex in India and Sri Lanka.