Homegrown clinical research organisation (CRO) SIRO Clinpharma is set to foray into Europe with the acquisition of a CRO there.
Deal to be finalised in 6-8 weeks
MUMBAI: Homegrown clinical research organisation (CRO) SIRO Clinpharma is set to foray into Europe with the acquisition of a CRO there.
Dr Chetan Tamhankar, chief operating officer, SIRO said, “The deal, which is in the last stage, will be finalised in the next 6-8 weeks, but the financials cannot be revealed now.”
He did not name the target company either.
This move is part of the company’s strategy to create about 7-8 SIRO centres in Europe and a similar number in the Asia-Pacific region.
“Most of these centres would be set up through acquisitions and we have already done our initial assessments in the Asia-Pacific region,” Tamhankar said.
In the Asia-Pacific, SIRO has finalised centres in Philippines, Thailand, Malaysia, Singapore, China and Korea.
SIRO is also investing $10 million in the next three years to strengthen its IT infrastructure. It is implementing a new IT framework, comprising Oracle’s life sciences application running on Sun Microsystems’ hardware, which will provide a streamlined system for managing large volumes of patient data.
SIRO plans to spend close to $3 million in the first year to establish the IT framework in its operations.
The Indian clinical research industry is expected to be around $2 billion by 2011 and Dr Tamhankar expects clinical study management to grow into a big business vertical in the coming years. The company, set up in 1996, offers services in conducting clinical trials in pharmaceutical, biotechnology and medical devices sectors and has also set up a clinical research training institute.
s_archana@dnaindia.net
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