Ahmedabad, 16 July 2021: Veeda
Clinical Research Limited (“Veeda”), a full-service clinical
research organisation (CRO) in India, has acquired a controlling 50.1% stake in
Bioneeds India Private Limited (“Bioneeds”), after acquiring
a significant minority stake earlier in March.
Earlier in June this year, Veeda had
also received an equity investment of USD 16mn led by private equity fund,
Sabre Partners and distinguished HNIs like Pranabh Mody (of JB Chemicals),
Havells family office, Nikhil Vora (founder of Sixth Sense Ventures), Arjun
Bhartia (of Jubilant), amongst others.
Growing R&D budgets of global
pharmaceutical companies is the opportunity that Veeda and Bioneeds expect to
capitalise on. As per the “Clinical Research Organization (CRO) Market Report”
dated May 2021 prepared and released by Frost & Sullivan (India) Private
Limited, India is becoming an attractive destination for clinical and
preclinical research outsourcing supported by quality scientific capability,
emergence of the biosimilars industry, increased demand for complex generics
and availability of a large number of patient volunteers.
Ajay
Tandon, Managing Director, Veeda said, “We believe we have made progress
over the last three months in leveraging capabilities across Veeda, Ingenuity
and Bioneeds for integrated solutions to our clients. We are working towards
further aligning our capabilities, systems, processes and people to capitalise
the full potential of our combination.”
Dr. Vinaya Babu, Founder and Managing Director of Bioneeds said “We
believe that what we are seeing represents significant traction in our
preclinical, biopharma and drug development services, where we continue to
invest in to enhance capabilities. we are very excited by the prospects ahead”
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