Ahmedabad-based Clinical research firm Lambda Therapeutic Research Ltd has agreed to acquire US-based Novum Pharmaceutical Research Services for an undisclosed amount, according to a press statement by the American firm.
Novum, which was founded in 1972, will continue to operate as a wholly-owned subsidiary of Lambda following the transaction, the US company said in the statement. Novum chief executive Christopher H Chamberlain and its leadership team will manage the US operations, it added.
Bindi Chudgar, managing director of Lambda, said that the acquisition is a strategic fit for Lambda as it provides a natural platform for growth in the US.
The Indian company also intends to broaden the scope of its offerings by providing its expertise in pharmacovigilance, large molecular trials, immunogenicity testing and bioanalytical services, said Tausif Monif, president of global operations, Lambda.
Contract research organisations provide clinical study, clinical trial support, and more to the pharmaceutical, biotechnology, and medical device sectors. The two companies, between themselves, serve most of the top organisations in the pharmaceutical, biotechnology and medical device industries, the statement said.
Lambda has operations in India, Canada, Poland, and the United Kingdom. It had clocked net sales of Rs 267 crore for the financial year ended March 2017, up from Rs 227 crore the previous year, according to VCCEdge, the data and research platform of News Corp VCCircle. Net profit rose from Rs 22.34 crore to Rs 40.10 crore during the period.
Indian drugmakers have been active in acquiring companies in the US to enter or strengthen their presence in the world's largest pharmaceutical market.
Earlier this week, Strides Pharma Science Ltd said that it is acquiring US-based generics firm Vensun Pharmaceuticals Inc. for $18 million to bolster its US portfolio.
Earlier this month, Aurobindo Pharma Ltd agreed to buy seven branded oncology injectables from US-based Spectrum Pharmaceuticals Inc. for up to $300 million.