The Hindu Business Line : Siro Clinpharm buys German clinical research firm

Mumbai, April 17 Clinical research organisation Siro Clinpharm Pvt Ltd has acquired 100 per cent equity in Germany-based Omega Mediation Group in an all-cash deal, but for an undisclosed sum.

The acquisition marks Siro Clinpharm’s entry into Europe, said Dr Chetan Tamhankar, Chief Operating Officer, Siro Clinpharm. Omega has around 120 people, across its operations in Greece, Estonia and Israel. And there will be no change in the management or employee structure as the operations expand, he said.

The company’s combined turnover, including the recently acquired Omega, is about Rs 200 crore, Dr Tamhankar said, and the clinical research organisation (CRO) targets Rs 400 crore by 2010. The company expects to double its business by expanding operations into South-East Asia and South America, he said, indicating that acquisitions were part of the plan.

Fund raising

Funds for the Omega acquisition were raised through internal funding and debt, he said. Promoted by the Daftary family, last year, the CRO saw two private equity firms (Kotak and 3i) invest in the company, he said, without giving details.

In another two years, the CRO expects to achieve a critical mass that would allow it to go in for a listing, he added.

At present, there are about 300 Siro-managed or conducted clinical trials being done in India, he said.

Its operations include clinical studies, data management, bio-statistics and medical writing.

Manpower

The Mumbai-based Siro Clinpharma has at present 400 people between its operation in India and the US. In July last year, Siro Clinpharm had acquired Global Client Partners, a US-based CRO with client networks in the US biotech and pharma companies.

The US acquisition gave Siro a front-end operation, he said, and added that the latest European acquisition would add to the geographical spread of the services that Siro can offer clients.

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