CX Companions backed Veeda buys stake in pre-clinical analysis agency Bioneeds
Scientific analysis organisation Veeda Scientific Analysis, which is backed by home personal fairness agency CX Companions, Tuesday mentioned it has acquired a big minority stake in Bengaluru-based pre-clinical analysis agency Bioneeds India Pvt Ltd.
Veeda will search to additional increase its stake in Bioneeds, it mentioned in a press release with out disclosing monetary particulars of the transaction.
Ajay Tandon, managing director of Veeda, mentioned that the corporate goals to associate with revolutionary biopharmaceutical and pharmaceutical corporations globally by supporting their important product growth programmes.
Vinaya Babu, founder and managing director of Bioneeds, mentioned that the funding from Veeda will make the 2 corporations a one-stop resolution for pharma, biopharma, medical system and chemical industries.
Previous to this funding from Veeda, Bioneeds had raised Rs 25 crore from Canbank Enterprise Capital Fund Ltd in December 2015.
Bioneeds had mentioned it could use the funds raised from Canbank to broaden its facility by 1.2 lakh sq ft to 2.3 lakh sq ft and purchase gear.
The expanded facility would encompass biopharmaceutical discovery labs (molecular biology and cell tradition).
Ahmedabad-based Veeda, which was established in 2004, supplies a variety of medical research together with wholesome volunteers and affected person trials for generics, new chemical entity (NCE) and biopharmaceuticals.
It had raised private equity funding from a consortium of personal fairness traders led by CX Companions in 2018.