In a move to increase its presence in the US, Ahmedabad-headquartered Lambda Therapeutic Research, a leading contract research organisation (CRO) in the country, on Tuesday announced the acquisition of US-based Novum Pharmaceutical Research Services. The deal is by way of a private transaction. The terms of the deal were not disclosed.
“This is our second footprint in North America following our acquisition of the R&D facilities of Biovail CRO in Canada in 2010. Novum is a strategic fit for Lambda as it provides a natural platform for growth in the US, the world’s largest pharmaceutical market. Novum brings with it a strong technical and management team. We expect this acquisition to blend with and strengthen our existing capabilities,” Lambda managing director Bindi Chudgar said in a media release.
Novum caters to a number of global clients through its US operations in facilities, including Pittsburgh, Las Vegas, Fargo & Houston.
“It will be a wholly-owned subsidiary of Lambda,” according to the company statement.
Lambda, headquartered in India, has operations in India, Canada, Poland and the UK.
“Combining with Lambda creates an opportunity for Novum and our clients to have a broader capability across the global,” according to Novum CEO Christopher H. Chamberlain.
“Our collective client base will benefit from this unique combination of companies with complimentary skills sets, a stellar track record of performance, and exceptional quality in scientific technology capabilities for complex drug product development and clinical trials. This will add greater value for our respective global clients’ drug development programmes and greater efficiencies for our combined operations,” said Tausif Monif, Lambda’s president of global operations.
BlackArch Partners served as exclusive financial adviser to Lambda Therapeutic Research on this transaction, while EY and KPMG LLC were accounting and tax advisers, respectively. Wyrick Robbins Yates & Ponton LLP were the legal advisers to Lambda. Cohen & Grigsby, P.C. in Pittsburgh, PA were the legal advisers to Novum.
This article was first published on livemint.com