Indoco Remedies buys Piramal Enterprises' clinical research division in Hyderabad

Indoco Remedies Ltd has signed a definitive agreement to acquire Piramal Clinical Research (PCL), a Hyderabad based clinical research division (CRO) of Piramal Enterprises Ltd, on a going concern basis. This is an all cash-deal funded with internal accruals.
 
The CRO specialises in conducting bioequivalence and bioanalytical studies for generic products. This facility is spread across an area of 30,000 square feet and is equipped with a 98-bed facility, monitoring stations, phlebotomy stations, four-bed ICU, state-of-the-art analytical lab & capabilities of eCTD submission.
 
“We are extremely happy to have the CRO division of Piramals as part of Indoco. This acquisition will expand the depth of our services to customers in India as well as across the globe and would reduce our dependability to outsource bio-equivalence studies. Apart from reducing cost and ensuring time-bound outcome of studies, the CRO would be a perfect fit to our existing R&D efforts, including facilitation of ANDA/dossier filings,” said Aditi Kare Panandikar, managing director of Indoco Remedies Ltd.
 
The CRO initially established under the name Wellquest in 2001 in Mumbai and later shifted to Hyderabad in 2007, has regulatory approvals from several bodies including USFDA and was the first CRO from India to receive GCP certification from UK-MHRA.
 
“PCR was not considered strategic in nature and formed a relatively small portion of the PEL’s consolidated business. The transaction does not have a material impact on PEL’s balance sheet or P&L. The sale transaction is expected to be completed upon receipt of purchase consideration by April 6, 2015,” said Piramal Enterprises in a press release.