Ahmedabad: City-based pharma firm Corona Remedies announced the acquisition of Obimet and Thyrocab brands, comprising of 14 product line extensions, from Abbott India.

Both these brands are popular prescription drugs to manage diabetes and hyperthyroidism, Tejas Kothari, Head-Strategy at Corona said.

"This is the second brand acquisition by the company in the past year. Both these brands acquired by us are expected to garner a sales revenue of around Rs 25 crore in the first year of integration," Kothari told media persons here while making the announcement.

In addition to the acquisitions, the company has also announced to set up its second manufacturing facility at Bavla village near Ahmedabad.

At present, the company is having its manufacturing facility in Himachal Pradesh.

"Our existing plant in Himachal Pradesh is having a manufacturing capacity of 100 crore tablets, 6 crore capsules and one crore liquid bottles per annum," said Vijay Charlu, vice president of sales and marketing.

"Now, we are setting up our second plant at Bavla with an investment of Rs 60 crore. The new plant will mostly cater to the European market. It will become operational by the end of 2019. This plant will produce 200 crore tablets, 60 crore capsules, and 3 crore liquid bottles" said Charlu.