PITTSBURGH and AHMEDABAD, India, Jan. 29, 2019 /PRNewswire/ -- 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 (CRO), 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.
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.
About Novum Pharmaceutical Research Services
Novum Pharmaceutical Research Services, provides scientific leadership and full-service support to the pharmaceutical, biotechnology, and medical device industries. A leading Contract Research Organization (CRO) for more than 40 years, Novum has been considered one of the world's leaders in the conduct of clinical trials, Early Phase Research from First in Human studies to large bioequivalence studies and managing Late Phase Research requiring patient populations across multiple therapeutic areas. The company is headquartered in Pittsburgh, Pennsylvania with operations in Texas, North Dakota and Nevada. Novum's full-service offerings provide a hassle-free, turnkey solution for drug development programs to advance the availability of quality medicine. The company was founded in 1972. For more information, visit https://www.novumprs.com/.
About Lambda Therapeutic Research Ltd.
Lambda Therapeutic Research Ltd., a Global multinational Clinical Research Organization, provides full spectrum end to end Drug Development services to the Global Biopharmaceutical, Innovator and Generic industry. Its services include Early Phase I, First-in Human, BA/BE, DDI - Phase II to Phase IV Patient-based Clinical Trials; Bioanalytical services; Pharmacokinetics; Data Management; Medical Writing; Regulatory Affairs; Pharmacovigilance services; Biomarker testing and Medical Imaging services. The company is based in Ahmedabad, India and its global infrastructure encompasses facilities and operations in Mumbai (India), Mehsana (India), Toronto (Canada), Warsaw (Poland), London (UK) and USA. The company now employs more than 1,400 people across the globe. For more information, visit https://www.lambda-cro.com/.
SOURCE Novum Pharmaceutical Research Services