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 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 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."