Lambda Therapeutic Research Ltd, an Ahmedabad-based Contract Research Organisation (CRO), on Tuesday, announced an agreement to acquire the US-based Novum Pharmaceutical Research Services. The terms were not disclosed.
The move is expected to provide global reach for pharmaceutical customers and greater capabilities in the US market, according to a press release.
Novum has numerous global clients with facilities in Pittsburgh, Las Vegas, Fargo and Houston. It will be a wholly-owned subsidiary of Lambda, which has operations in India, Canada, Poland and the United Kingdom, said Bindi Chudgar, Managing Director of Lambda.
“This is our second footprint in North America following our acquisition of the R&D facilities of Biovail CRO in 2010 in Canada. Novum is a strategic fit for Lambda as it provides a natural platform for growth in the United States, the world’s largest pharmaceutical market,” she added.
“Combining with Lambda creates an opportunity for Novum and our clients to have a broader capability across a global footprint to accommodate the growing needs of our client base,” said Christopher H. Chamberlain, Chief Executive Officer of Novum.
BlackArch Partners served as exclusive financial advisor to Lambda Therapeutic Research on this transaction while EY and KPMG LLC were accounting and tax advisors, respectively. Wyrick Robbins Yates and Ponton LLP were the legal advisors to Lambda.