TAKE Solutions jumped 6.91% to Rs 64.20 after the company announced a strategic partnership with H.I.G. Capital to accelerate growth of Navitas Life Sciences, a wholly owned subsidiary of the company.
In an exchange filing made before market hours today, the company said that it has entered into a definitive agreement for a strategic partnership with an affiliate of H.I.G. Capital, a leading global alternative investment firm with $45 billion of equity capital under management.
Through this strategic alliance, an affiliate of H.I.G. will be acquiring a 75% stake of Navitas Life Sciences, a wholly owned subsidiary of TAKE Solutions, to support the current management team in accelerating their growth plan and enabling the company to capture future Navitas growth potential.
Navitas Life Sciences delivers full-service CRO, FSP expertise in data sciences, and regulatory and safety solutions for large blue chip pharmaceutical and biotech clients across North America, Asia Pacific, and Latin America. Navitas has over 30 years of rich experience across 550+ phase I-IV clinical trials, 1100 bioequivalence studies, 20+ therapeutic areas, and 40+ successful GCP/non-GCP audits.
The H.I.G. family of funds includes private equity, growth equity, real estate, debt/credit, and a dedicated life science fund. Their seasoned investment team has extensive and diverse experience across the entire value chain of healthcare and life sciences, from novel products targeting unmet medical needs, API or medical device manufacturers and distributors, large pharmaceutical and small biotechnology companies, to healthcare payors and benefit managers.
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Srinivasan H R, vice chairman & managing director, TAKE Solutions, said: We are delighted to partner with H.I.G. in our mission to accelerate access to outstanding drug development outcomes to people across the world by harnessing the power of technology and domain knowledge. H.I.G., with its global network and diverse experience across healthcare and life sciences, makes them an ideal partner to support Navitas' continued growth as a Global Next Generation CRO.
H.I.G. has an excellent track record of building businesses and creating shareholder value, so this partnership is crucial for TAKE and TAKE's shareholders. This transaction is a validation of our business model and its future growth prospects.
The transaction is expected to close in the fourth quarter of 2021, subject to shareholder, regulatory and other customary approvals.
TAKE Solutions is a full-service CRO & technology company supporting pharma, biotech and devices companies across the globe.
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