Veeda Clinical Research, one among the top-three clinical research organisations (CRO) in India, will soon acquire two CROs in North America and Central Europe.
The acquisition is expected to enable the company specialise in clinical trials for the development of cancer drugs and emerge as a global player.
Veeda, which acquired three CROs in Europe within two years, is in advanced stages of negotiations. Both the companies are specialised in cancer clinical trials and have a track record of over 8-10 years. “We have signed a term sheet agreement with one and are negotiating with another. Each of these acquistions would range from $5-10 million. Cancer trials constitute about 40 per cent of the global clinical trials happening at present and we plan to position ourselves specialised in this field,” said Apurva Shah, managing director, Veeda.
CROs help pharmaceutical companies in conducting clinical trials in humans from phases I to III during the development cycle of a drug, which spans 10-15 years. In India, the clinical trials industry bloomed only in the last few years. Currently, there are about 230 CROs.
Ahmedabad-based Veeda, the first Indian CRO to make a footprint outside India, made its first acquisition two years ago by acquiring Phase-I Clinical Trial Unit, a well-established CRO in Plymouth, England. In December 2006, it acquired Dice, a CRO with strength in data management and based in Brussels, Belgium. In May this year, Veeda took over Phase-1 (drugs tested on human beings for the first time) clinical research unit in Gorlitz, Germany.
(Source: Business Standard)
Showing posts with label CRO. Show all posts
Showing posts with label CRO. Show all posts
Thursday, October 4, 2007
Monday, July 2, 2007
Max India eyes control of two CROs in US
Delhi-based healthcare and insurance company Max India is looking at acquiring two clinical research organisations (CRO) in the US. Max India joint MD Anantharaman said, “We are looking at either picking up majority stake or full control in 2 CROs in the US, which have sales order of $25-$50 million. We have identified few CROs and have initiated direct talks with a couple of them. We may appoint investment bankers for a bigger deal.”
The company would fund the buy out from the Rs 1,000 crore fund raised through qualified institutional placements. The acquition may happen after a year, he added.
The strategic tie-ups are likely to materialise in the next 2-3 months. Currently, Neeman Medical International, Max’s clinical research company, has a business development subsidiary in the US and regional offices in Europe and Latin America.
The company sees two benefits of having its presence in the US. First, its CROs in the US will outsource all its back-end work to its Indian operations. Secondly, having a subsidiary in the US would allow the company to outsource its mandatory trails in the US to its own company.
(Source: Economic Times)
The company would fund the buy out from the Rs 1,000 crore fund raised through qualified institutional placements. The acquition may happen after a year, he added.
The strategic tie-ups are likely to materialise in the next 2-3 months. Currently, Neeman Medical International, Max’s clinical research company, has a business development subsidiary in the US and regional offices in Europe and Latin America.
The company sees two benefits of having its presence in the US. First, its CROs in the US will outsource all its back-end work to its Indian operations. Secondly, having a subsidiary in the US would allow the company to outsource its mandatory trails in the US to its own company.
(Source: Economic Times)
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