Tatas sell contract research arm Advinus to Eurofins Scientific
21 July 2017
Tata Group has agreed to sell contract research company Advinus Therapeutics Ltd to Luxembourg-based Eurofins Scientific for an undisclosed amount.
The transaction is likely to close in the next several weeks, subject to the fulfilment of customary closing conditions, the group said in a statement on Thursday. It didn't give any financial details.
Bengaluru-based Advinus is a leading preclinical contract research company for safety assessment, chemistry and manufacturing control (CMC) services, drug metabolism and pharmacokinetic (DMPK) and analytical R&D services.
Tata Sons Ltd, the group holding company, as well as Tata Industries Ltd and Mumbai-listed Rallis India Ltd said they, along with individual shareholders of Advinus, have signed a definitive agreement with Eurofins for the sale
Group holding company Tata Sons, Tata Industries and Rallis India along with individual shareholders of Advinus Therapeutics on Wednesday signed a definitive agreement with Eurofins Scientific for the sale of Advinus.
Tata Group expects the transaction to close in the next several weeks, subject to the fulfilment of customary closing conditions.
Advinus' expertise complements Eurofins contract research, development and manufacturing (CDMO) capabilities.
With over 10 years of GLP compliance and certification, Advinus serves diverse industries such as biotech, pharmaceuticals, biologics, agrochemicals, nutraceuticals and cosmetics.
Advinus has submitted over 50 end-to-end investigational new drug applications (INDs) to global regulators such as the US Food and Drug Administration (FDA), the European Medicines Agency (EMA), the Medicines and Healthcare products Regulatory Agency in the UK (MHRA) and Health Canada among others. Located in Bangalore, India, Advinus operates a state-of-the art 20,000 m2 facility, according to Tata Group.
KRS Jamwal, chairman of Advinus and executive director of Tata Industries, said, ''Advinus has developed significant promise under Tata parenting, and will now realise its full potential joining the Eurofins family of laboratories.
We are confident that with access to Eurofins' global network and technical competencies, Advinus will be able to rapidly expand its analytical portfolio and services to benefit all its existing and future clients.''
Rajiv Malik, chief executive officer of Advinus, said, ''Advinus has substantial capabilities that are in synergy with Eurofins and provide us with additional opportunities to grow the company. We are very excited about becoming a part of the Eurofins family.''
Eurofins Scientific, which was founded in 1987, has 375 laboratories across 41 countries in Europe, North and South America and Asia-Pacific. Since its IPO on the French stock exchange in 1997, Eurofins' sales have increased at a compound annual pace of 37 per cent to over €2.54 billion in 2016, according to its website.