Spark Capital (“Spark”) acted as the exclusive financial advisor to the transaction
Spark is pleased to announce that Creador has successfully sold its stake in CORONA Remedies Private Limited (“CORONA”) to ChrysCapital. The transaction also involved partial stake sale from the Promoters to ChrysCapital. The total transaction value was USD 95 Mn. The transaction values CORONA at ~USD 350 Mn. Post the transaction, ChrysCapital will hold substantial minority stake in CORONA. Creador had invested in CORONA in July 2016 through a primary investment of USD 18 Mn. This round marks the complete exit for Creador from CORONA Remedies
CORONA is the fastest growing pharmaceutical company among the Top 50 pharmaceutical companies in India with product offerings across Gynaecology, Infertility, Cardio-Diabetic disorders and other multi-specialty therapies. The transaction is a testament to the stellar execution capabilities of the founders and the management team of the Company
With this transaction Spark has successfully closed more than USD 600 mn over 20 transactions in healthcare and lifesciences sector demonstrating its deep domain expertise in the sector
Mr. Nirav Mehta, Promoter and Executive Director, CORONA Remedies Private Limited remarked, “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. This is the second time we are working with Spark Capital. Spark continues to deliver on its promises. Their inputs throughout the deal have been very valuable and they have been proactive in anticipating and addressing the challenges that have come through the course of the transaction. We thank Spark for their good work and wish them well for future”
Kshitij Sheth, Director, ChrysCapital Advisors remarked “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 thank the Spark Team and appreciate their untiring efforts in running an efficient and time bound process resulting in a positive outcome for all stakeholders"
Vaibhav Doshi, Sr. Vice President, Creador Advisors India LLP remarked “Indian Pharma market is poised for rapid growth and innovative companies will continue to lead from the front. CORONA Remedies has been at the forefront in developing and marketing differentiated products at affordable prices, and it has been a privilege to partner with them. It has been a pleasure working with Spark Capital and we truly value their deep domain knowledge and dedicated involvement in every step of this deal."
Skanda Jayaraman, Managing Director, Spark Capital Advisors remarked “We thank Mr. Nirav Mehta, Mr. Vaibhav Doshi and the team at CORONA Remedies and Creador for having given us this opportunity. It is an honor to have been their sole advisor on this prestigious transaction. The transaction outcome is a testament to the strength of the CORONA brand and franchise. The outcome further reiterates our core strategy of engaging with high quality companies that create and sustain long term shareholder value. We wish the best for Mr. Nirav Mehta and the team at CORONA Remedies as they scale new peaks of success "