The US-based PRA International, one among the leading global clinical research organizations (CRO), has acquired the Mumbai-based CRO Sterling Synergy Systems Private Limited.
The transaction is expected to close in the second quarter of this year, and terms of the transaction have not been disclosed. A Memorandum of Understanding (MoU) to acquire the assets of the Indian company was signed between the two parties in US a few weeks ago. Synergy Systems officials were not available for comments.
Incidentally, this is the first direct entry of PRA International to India to tap the potential in the field of clinical trial management in India. Synergy, which has offices in Mumbai and Pune with a data management centre employing more than 20 professionals, has an extensive clinical trial site network and tie-up arrangements with leading hospitals in India like the Apollo group, Tata Memorial, Kidwai Institute, Jaslok, Vellore CMC hospital. Synergy is specialised in conducting cancer drug trial and data management, sources said.
PRA International had outsourced some of its international cancer drug trials to Sterling Synergy earlier, for conducting trials in India. Some of the clinical trials managed by Sterling include a Phase III Advanced Renal Cell Carcinoma study on 214 patients in 12 centres, breast cancer drug trials on 200 patients at 18 locations, ovarian cancer drug trials, lung cancer trials etc. More than 50 per cent of the trials conducted by PRA are also on in the field of oncology, and the acquisition would help the company to add to its strength. PRA has already started a recruitment drive to ramp up its operation in India, informed sources.
Established in 2001, Sterling Synergy is mainly promoted by Ajay Mehta, managing director of Deepak Nitrite Limited and is part of the $ 150 million Mehta group, with interests in chemicals and agriculture. Its Board of Directors include Prof. Ray Powles, an eminent haemato-oncologist based in UK and Nikhil Khattau, the founding CEO of mutual fund firm SUN F&C.
PRA is one of the world's leading clinical development organizations with more than 2,500 employees worldwide with over 25 years of track record. The company had a net revenue of $294.7 million in 2005 and plans to achieve a net revenue of $325 to $330 million in 2006. It has integrated around-the-clock data management facilities in Lenexa, Kansas; Victoria, British Columbia, Swansea and Wales, in addition to the new centre in Pune.