In a move to provide greater global reach for pharmaceutical customers and greater capabilities in the U.S. market, one of the world’s leading Contract Research Organizations, Lambda Therapeutic Research, has reached an agreement to acquire Novum Pharmaceutical Research Services, a leading CRO in the U.S., in a private transaction. Terms were not disclosed.
Novum has numerous global clients served throughout its U.S. operations in Pennsylvania, North Dakota, Nevada and Texas. It will be a wholly-owned subsidiary of Lambda. Lambda, based in India, has operations in India, Canada, Poland and the United Kingdom.
Commenting about the acquisition of Novum, Mrs. Bindi Chudgar, Managing Director of Lambda, said, “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. Novum brings with it a strong technical and management team. We expect this acquisition to blend with and strengthen our existing capabilities as we extend our global reach in serving clients in this evolving market.”
Novum will retain its identity and will operate as a division of global CRO leader Lambda Therapeutic Research giving Lambda entry into the U.S. market. Novum CEO Christopher H. Chamberlain and its leadership team will continue to manage U.S. operations.
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Contract research organizations provide outsourced research services, including clinical study and clinical trial support, to the pharmaceutical, biotechnology, and medical device industries.
“Combining with Lambda creates an opportunity for Novum 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. “We are excited to become part of a respected global organization that wants to grow its presence in the United States.”
Lambda’s President of Global Operations Dr. Tausif Monif said, “Our collective client base will benefit from this unique combination of companies with complimentary skills sets, a stellar track record of performance, and exceptional quality in scientific technology capabilities for complex drug product development and clinical trials. We intend to broaden the scope of service offerings by providing our existing expertise in Pharmacovigilance, Large Molecular Trials, Immunogenicity testing and bioanalytical services. These expanded capabilities will add greater value for our respective global clients’ drug development programs and greater efficiencies for our combined operations.”
Between the two companies, most of the top organizations in the pharmaceutical, biotechnology and medical device industries are served as clients.
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 & Ponton LLP were the legal advisors to Lambda. Cohen & Grigsby, P.C. in Pittsburgh, PA were the legal advisors to Novum.
Date: February 4, 2019
Source: Cision
