New Delhi, March 30 CORONA Remedies Ltd announced on Monday the acquisition of the Wokadine brand in India from Dr Reddy's Laboratories Ltd for an undisclosed sum.
The acquisition of Wokadine, which ranks number two in the 'Povidone Iodine' market in India, reinforces CORONA's commitment to 'healing' as the journey towards holistic recovery and health, the company said in a statement.
This marks CORONA Remedies' entry into the Rs 648-crore Povidone Iodine market, it added.
Wokadine is primarily used in the treatment and prevention of infections in wounds and cuts, as well as in various forms as an antiseptic and disinfectant agent.
"We believe this acquisition will enhance and strengthen our existing product portfolio. By leveraging our strong relationships with healthcare professionals, we aim to deepen market penetration and are confident in accelerating the growth of this brand," said Tejas Kothari, Vice President-Corporate Strategy & Business Development, CORONA Remedies.
The Wokadine portfolio comprises 14 SKUs with different applications, helping clinicians treat patients.
The company said that this acquisition will be fully funded through the company's internal accruals and cash.
CORONA Remedies said the acquisition enables it to penetrate deeper into the specialty market and offer wider accessibility. This brand has strong potential for accelerated growth under the stewardship of CORONA Remedies.