Veeda-Bioneeds combo will offer integrated solutions, says company Ajay Tandon, Managing Director
AHMEDABAD, July 16 (The CONNECT) – IPO-bound Veeda Clinical Research Limited has acquired a controlling 50.1% stake in Bioneeds India Private Limited.
Headquartered in Ahmedabad, Veeda offers a range of early and late phase bioequivalence studies and clinical trials. Veeda has successfully completed several regulatory inspections and is approved by USFDA, UK MHRA, ANVISA (Brazil), and WHO. Veeda has experience in conducting complex clinical studies. In November 2018, a consortium of private equity investors led by CX Partners Fund 2 acquired a majority stake in Veeda.
The company has 16 Years of experience enabling world’s leading pharmaceutical companies to bring life-changing therapies from Lab to Shelf, on time, every time
Veeda derives its name from the Sanskrit word ‘Veda’, meaning knowledge or wisdom. “The name represents our firm belief in excellence,” company website says.
Bioneeds is a preclinical Contract Research Organization (CRO) providing discovery, development & regulatory services to Pharmaceutical industry. Bioneeds has a approx. 150,000 square feet facility in the outskirts of Bangalore besides an approx. 45,000 square feet synthetic chemistry and biopharma laboratories in Peenya also in Bangalore.
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.”
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), among others.
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”
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, as per the Clinical Research Organization (CRO) Market Report Frost & Sullivan (India) Private Limited,
Veeda is proposing, subject to receipt of requisite approvals, market conditions, and other considerations, an initial public offering of its equity shares in the near future and is in the process of filing a draft red herring prospectus with the Securities and Exchange Board of India.