Pittsburgh’s Velocity Fund Partners has picked up CRO IndiPharm for an undisclosed amount, renaming the Philadelphia firm InClinica.
InClinica, as it is now called, boasts a specialty in early and midstage trials from Pennsylvania, and it also has locations in the U.K., Israel, Malaysia and Singapore. Velocity is looking to cash in on this global reach, positioning the CRO for growth down the road, according to a release.
With the acquisition, IndiPharm founder and president Edward Brennan will serve as InClinica’s chief medical officer, and Michael Fare will be chief operating officer and chief technical officer.
Bloomberg writes in an overview that one of Indipharm’s strategies is to provide Western biopharmas “a gateway for conducting clinical trials in India.” Currently, the company is managing a global Phase III clinical trial for lung cancer.
“InClinica’s existing global footprint and experience in early drug and device development and clinical trials, combined with Velocity’s unique experience and contacts in both healthcare and life sciences, will enable InClinica to provide companies with significant value in all clinical phases,” said Velocity Managing Partner Ken Melani.
“Many drugs fail to advance during clinical research for reasons unrelated to efficacy or safety,” Fare said. “An experienced clinical CRO can anticipate challenges and plan ahead, ensuring a smoother progression through clinical development.”
- here's the release
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