Following the transaction, Novum will continue to operate as a wholly-owned subsidiary of Lambda.
Lambda Therapeutic Research Ltd, an Ahmedabad-based clinical research firm, has acquired US-based Novum Pharmaceutical Research Services for an undisclosed sum.
Following the transaction, Novum will continue to operate as a wholly-owned subsidiary of Lambda. Christopher H Chamberlain, Chief Executive Officer of Novum, and its leadership team will be managing the US operations.
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."
Christopher H Chamberlain added, "Combining with Lambda creates an opportunity for Novum and our clients to have a broader capability across a global footprint to accommodate the growing needs of our client base. We are excited to become part of a respected global organization that wants to grow its presence in the United States."