Synchron draws first blood in CRO space

AHMEDABAD: In a first-of-its-kind acquisition in the Indian clinical research organisation (CRO) space, Ahmedabad-based Synchron Research Services Pvt Ltd has taken over Innovance, a local start-up CRO.

Innovance is co-promoted by Dr BB Lohray, the former head of research at Zydus Cadila who had grabbed the headlines recently after being sacked by the company for alleged embezzlement of funds.

The deal will help Synchron hike its bed capacity to nearly 200 from the 90 and catapult it to the league of Asia’s largest CROs, industry sources said.

“We are looking for more acquisitions in India and even in other parts of Asia to increase our Asian footprint,” Dr Shivprakash, chairman and managing director, Synchron Research, told DNA Money. He, however, refused to divulge the value of the deal, which was facilitated by Deloitte.

It is learnt that Innovance promoters wanted to sell off the firm and had approached Synchron 4-5 months ago.