The sharp turnaround of the Myoril pain management brand into a nearly three-fold growth engine, accompanied by a major margin boost by Corona Remedies, is its strongest proof of execution ahead of its ₹655-crore IPO.
“We have acquired that brand and given justice to that brand,” Nirav Mehta, the promoter, MD & CEO of Corona Remedies Limited, said, adding that Myoril was a perfect strategic fit which also gave the company a strong entry into pain management. According to him, the brand, acquired from Sanofi in 2022-23 (FY23), has grown from about ₹27-28 crore in annual sales to a targeted ₹90 crore-plus in two years, while delivering an 800-basis-point improvement in gross margins.
Corona Remedies is an India-focused branded pharmaceutical formulation company involved in developing, manufacturing, and marketing products across therapeutic segments such as women’s healthcare, cardio-diabeto, pain management, and urology, among others.
The company is now coming to the capital markets through a pure Offer for Sale, with no fresh issue of shares. Mehta said the IPO will see a total divestment of 10.09%, of which the promoter family will sell about 3.5%, while private equity investor ChrysCapital will offload around 6.59% from its 27.5% holding. ChrysCapital continues to back the business and will look to exit in years to come in a phased manner.
Our business generates strong operating cash flows, and growth funding is presently not required, Mehta said. We continue to be very focused on selective acquisitions that match with our therapy portfolio and thereby branded products of multinational pharma companies. The past acquisitions from Sanofi, Abbott and Glaxo have helped accelerate the growth, and the company continues to be open for similar opportunities as long as it can do justice to the brand. Mehta also indicated structural improvement in profitability driven by scale. The operating margin for the firm has expanded from approximately 15% in FY23 to about 20-21% in recent quarters, buoyed by volume growth, wider geographic reach, and new product launches.
