Veeda Clinical Research, the Ahmedabad-based clinical research organisation (CRO), has acquired a controlling 50.1 percent stake in Bioneeds India Private Ltd, after acquiring a significant minority stake in March.
The financial details of the deal were not disclosed.
Earlier in June this year, Veeda had received an equity investment of $16 million, led by private equity fund Sabre Partners and high network individuals (HNIs) such as Pranabh Mody (of JB Chemicals), Havells family office, Nikhil Vora (founder of Sixth Sense Ventures), and Arjun Bhartia (of Jubilant).
Growing R&D budgets of global pharmaceutical companies is the opportunity that Veeda and Bioneeds expect to capitalise on.
As per the “Clinical Research Organisation Market Report” of Frost & Sullivan - 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.
“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,” said Ajay Tandon, Managing Director, Veeda.
Vinaya Babu, Founder and Managing Director of Bioneeds said, “We believe that what we are seeing 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.”
Veeda offers a range of early and late phase bioequivalence studies and clinical trials. It has successfully completed several regulatory inspections and is approved by USFDA, UK MHRA, ANVISA (Brazil), and WHO. Veeda has experience in conducting complex clinical studies. In November 2018, a consortium of private equity investors led by CX Partners Fund 2 acquired a majority stake in Veeda.