Veeda Clinical Research Limited, on Friday informed that it has acquired a controlling 50.1 per cent stake in Bengaluru-based Bioneeds India Private Limited, after acquiring a significant minority stake earlier in March.
The company did not disclose the quantum of investment it made for the acquisition of the controlling stake in Bioneeds.
Earlier in June this year, Veeda had also received an equity investment of $16 million led by private equity fund, Sabre Partners and from high-networth individuals Pranabh Mody, of JB Chemicals, Havells family office, Nikhil Vora, founder of Sixth Sense Ventures, Arjun Bhartia of Jubilant among others.
Growing R&D budgets of global pharmaceutical companies is the opportunity that Veeda and Bioneeds expect to capitalise on, a statement said.
Continued progress
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.”
Commenting on the development, 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.”