BRIEF—Lambda buys US CRO to expand in USA

Indian Contract Research Organizations (CRO) Lambda Therapeutic Research has reached an agreement to acquire Novum Pharmaceutical Research Services, a leading CRO in the USA, in a private transaction.

Financial terms of the transaction were not disclosed.

Novum has numerous global clients served throughout its US 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 UK.

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 US market.

Novum chief executive Christopher Chamberlain and its leadership team will continue to manage US operations.