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