CCI approves Corona Remedies-GlaxoSmithKline deal

New Delhi : The Competition Commission has cleared the proposed acquisition of four drug brands of GlaxoSmithKline by Corona Remedies.

Dilo-BM, Dilo-DX, Stelbid and Vitneurin brands of GlaxoSmithKline would be acquired by Corona Remedies along with trademark and goodwill.

In a tweet, the Competition Commission of India (CCI) said it has approved "acquisition of four brands of GlaxoSmithKline by Corona Remedies".

As per the notice submitted to the regulator, Corona Remedies would acquire the four brands as well as the trademark and goodwill associated with them under an asset purchase agreement. These would be acquired from GlaxoSmithKline Pharmaceuticals and Glaxo Group.

Corona Remedies is into manufacturing, trade and distribution of pharmaceutical products.

Glaxo Group holds nearly 35 per cent stake in GlaxoSmithKline Pharmaceuticals.

"The existing sales of the products by the sellers (GlaxoSmithKline Pharmaceuticals and Glaxo Group) whose trademarks are proposed to be acquired are insignificant vis- a-vis total market size.

"The existing market share of such products are also not significant to warrant any impact on the competition," as per the notice.