Clinical research organisation Veeda Clinical Research, which is backed by domestic private equity firm CX Partners, Tuesday said it has acquired a significant minority stake in Bengaluru-based pre-clinical research firm Bioneeds India Pvt Ltd.
Veeda will seek to further raise its stake in Bioneeds, it said in a statement without disclosing financial details of the transaction.
Ajay Tandon, managing director of Veeda, said that the company aims to partner with innovative biopharmaceutical and pharmaceutical companies globally by supporting their critical product development programmes.
Vinaya Babu, founder and managing director of Bioneeds, said that the investment from Veeda will make the two companies a one-stop solution for pharma, biopharma, medical device and chemical industries.
Prior to this investment from Veeda, Bioneeds had raised Rs 25 crore from Canbank Venture Capital Fund Ltd in December 2015.
Bioneeds had said it would use the funds raised from Canbank to expand its facility by 1.2 lakh sq ft to 2.3 lakh sq ft and buy equipment.
The expanded facility would consist of biopharmaceutical discovery labs (molecular biology and cell culture).
Ahmedabad-based Veeda, which was established in 2004, provides a range of clinical studies including healthy volunteers and patient trials for generics, new chemical entity (NCE) and biopharmaceuticals.
It had raised private equity funding from a consortium of private equity investors led by CX Partners in 2018.