Indoco Remedies acquires Piramal's clinical research division

Mumbai-based Indoco Remedies Ltd has acquired Piramal Clinical Research (PCL), the Hyderabad-based clinical research division of Piramal Enterprises Ltd, in an all-cash deal.

Indoco Remedies on Wednesday said it has signed a definitive agreement to acquire Piramal Clinical Research (PCL) as a going concern, adding that the all-cash deal is being funded from internal accruals.

Indico did not reveal the value of the transaction.

The CRO specialises in conducting bioequivalence and bioanalytical studies for generic products. This facility is spread across an area of 30,000 square feet and is equipped with a 98-bed facility, monitoring stations, phlebotomy stations, four-bed ICU, state-of-the-art analytical lab and capabilities of eCTD submission, Indico said.

''We are extremely happy to have the CRO division of Piramals as part of Indoco. This acquisition will expand the depth of our services to customers in India as well as across the globe and would reduce our dependability to outsource bio-equivalence studies. Apart from reducing cost and ensuring time-bound outcome of studies, the CRO would be a perfect fit to our existing R&D efforts, including facilitation of ANDA/Dossier filings'', said Aditi Kare Panandikar, managing director of Indoco Remedies Ltd.

The CRO, initially established under the name Wellquest in 2001 in Mumbai and later shifted to Hyderabad in 2007, has regulatory approvals from several bodies including US FDA and was the first CRO from India to receive GCP certification from UK-MHRA.

Piramal Enterprises said in a statement that Piramal Clinical Research was not considered strategic in nature and formed a relatively small portion of PEL's consolidated business.

The transaction will not have a material impact on PEL's balance sheet, it added. The transaction is expected to be completed by 6 April, it said.

Mumbai-based Indoco Remedies is a fully integrated, research-oriented pharma company with presence in 80 countries. The company has eight manufacturing facilities, five of which are for FDFs and three for APIs, and employs over 6,000 people, including 250 skilled scientists.

Indico's facilities have been approved by USFDA, UK-MHRA, SUKL-Czech Republic, TGA Australia, MCC-South Africa, etc.

Indoco develops and manufactures a wide range of pharmaceutical products for the Indian and international markets. The company claims to generate more than 50 million prescriptions annually from over 2,00,000 doctors in India.