CX buys stake in India's Veeda Clinical Research
CX Partners has led a consortium of private equity investors to commit an undisclosed sum to Indian contract research organization Veeda Clinical Research.
The other investors in the consortium and the size of their stake have not been identified, though Veeda said in a release that the investors have taken “significant equity ownership” in the company. Veeda’s current backers include Actis, which invested $50 million in the company in 2007, according to AVCJ Research.
Founded in 2004, Veeda is India’s largest independent clinical research organization (CRO), offering a wide range of clinical studies including patient trials for various types of pharmaceuticals. The company supports the standards of a number of domestic and global regulatory bodies such as the US Food & Drug Administration (FDA), the European Medicines Agency (EMA), and the World Health Organization (WHO).
Along with their initial commitment, the consortium plans to make additional investments in Veeda to support its growth. The company’s board will be “reconstituted” with representatives from the new investors, though founders Apurva Shah and Binoy Gardi will continue to lead the management team.
CX is investing from its second fund, which launched in 2016 with a target of $400 million. The firm invests in high growth, market-leading companies in India across a range of sectors. Previous healthcare deals include drug maker Natco Pharma, diagnostics specialist Thyrocare Technologies, and medical devices supplier Healthium Medtech. All of these have been exited.
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