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 Clinical Research 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 Clinical Research 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”
About Veeda: Veeda is one of the largest independent full-service clinical research organizations, by revenue in India, as of March 31, 2020, headquartered in Ahmedabad. Veeda and offers a range of early and late phase bioequivalence studies and clinical trials. Veeda 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.
About Bioneeds: Bioneeds is a preclinical Contract Research Organization (CRO) providing discovery, development & regulatory services to Pharmaceutical industry. Bioneeds has a approx. 150,000 square feet facility in the outskirts of Bangalore besides an approx. 45,000 square feet synthetic chemistry and biopharma laboratories in Peenya also in Bangalore.
About CX Partners: CX Partners Fund 2 Limited is a private equity investor focusing on high-growth mid-market companies. Prior portfolio companies in healthcare include Natco Pharma Ltd, Thyrocare Technologies Ltd, and Healthium Medtech Pvt Ltd. Other investments include Minacs Group, a leading Business Process Outsourcing firm, Sapphire Foods, a leading franchisee of Yum! Brands, Barbeque Nation Hospitality Ltd, and Mrs Bectors Food Specialties Ltd. Over the past few months, CX Partners Fund 2 has also invested in Dindigul Thalapakatti Hotels – a chain of restaurants in South India, Anjan Drugs – a leading API player in the CNS space, and Ummeed Housing Finance.
Veeda is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares in the near future and is in the process of filing a draft red herring prospectus with the Securities and Exchange Board of India.
This article is shared with Prittle Prattle News in the form of a Press Release.
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