Ahmedabad-based pharmaceutical company CORONA Remedies has acquired leading muscle relaxant brand Myoril from Sanofi India, for Rs234 crore. Corona has acquired Myoril (Thiocolchicoside) and its extensions such as Myoril Plus (Ketoprofen + Thiocolchicoside), said people aware of the development.
Another domestic pharmaceutical majors Torrent Pharma and Eris Lifesciences were also in the race to acquire these orthopaedic brands, said sources.
When contacted, a Sanofi spokesperson confirmed the development. The acquisition of the Myoril brand for the Indian market is effective from June 28, 2023, added the spokesperson.
Corona Remedies is backed by domestic PE fund ChrysCapital which owns about 30% stake with an investment of about Rs670 crore ($90 million).
In 2017, Corona had acquired four drug brands of GlaxoSmithKline – Dilo-BM, Dilo-DX, Stelbid and Vitneurin. Two brands from Abbott India – Obimet and Thyrocab range of products (for diabetes and hyperthyroidism) were also acquired in 2018.
The muscle relaxant market in India is valued at Rs. 1,626 crore and it is growing at 13%. Myoril has annual sales of Rs. 38 crore and a growth of 6.8%, according to IQVIA May 2023 data.
Sanofi India has been divesting its non-core products as part of concentrating on its core areas such as chronic diseases.
As part of the transformation, Sanofi India changed its organisation structure from eight Business Units (BUs) to a focused group of three BUs – Diabetes; Consumer Healthcare; and Transplants & Cardiology, said the company’s annual report.
Earlier, Sanofi India had sold its nutraceutical portfolio consisting of 16 brands and 30 stock-keeping units (SKUs) to a consortium of Universal Medicare-Kedaara Capital for Rs587 crore in 2021. In the same year, Sanofi India had sold its skin care brands – Soframycin and Sofradex brands to Encube Ehticals for a total consideration of Rs 125 crore.
In May, Sanofi India demerged its consumer healthcare business to a wholly owned subsidiary Sanofi Consumer Healthcare India as a value-driven move to accelerate growth for both the pharmaceuticals business and consumer healthcare business in India.
There are interest from Indian pharma companies for a few of Sanofi’s consumer brands such as DePURA and Combiflam, added sources.
The Indian pharmaceutical industry has been growing at an average of 10% over the past five years. In 2022, the industry grew by 6.5%, adding nearly Rs12,000 crore of incremental sales. The demand for acute therapies increased, while most chronic therapies like diabetes and cardiovascular treatments remained relatively steady, said the Sanofi India report.
The IQVIA Prognosis Report (2022) projects that the Indian pharmaceuticals market is expected to grow at a CAGR 9.2% between 2021-26 and reach a market size of Rs2,95,100 crore by 2026. The rapid expansion of the e-pharmacy sector, expansion of co-marketing agreements, coupled with the introduction of new OTC regulations will also be a growth driver till 2026.
