Tuesday, April 3, 2007

Ahmedabad-based CRO Synchron acquires local firm Innovance

DNA Money reports that Ahmedabad-based contract research organization (CRO) Synchron Research Services Private Limited has taken over Innovance, a local start-up CRO. The financial details of the transaction, which was facilitated by Deloitte, have not been disclosed. The acquisition is touted as a first-of-its-kind in the Indian CRO space.

Innovance has been co-promoted by Dr. BB Lohray, the former head of research at Zydus Cadila who was in the headlines recently for being fired by the company for alleged embezzlement of funds. The promoters of Innovance wanted to sell off the firm and had approached Synchron 4-5 months ago.

The deal will help Synchron hike its bed capacity to nearly 200 from the 90 and catapult it to the league of Asia’s largest CROs. However, the company is not planning a halt in its inorganic growth strategy anytime soon. It is looking for more acquisitions in India and even in other parts of Asia to increase its Asian footprint, as per company officials.

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