The acquired entity has been renamed as Lambda Therapeutic Research Inc. Biovail Contract Research is one of North America's oldest clinical pharmacology CROs.
Bindi Chudgar, managing director of Lambda said,"The company will now have a global infrastructure of over 600 beds dedicated to phase-1 clinical pharmacology,along with the full spectrum of clinical data management and biostatistical services.The company said in a statement that as a result of this acquisition, the annual gross revenue of Lambda across its worldwide facilities is in will be in excess of $50 million.
Lambda India, an unlisted entity, has registered a net sales close to Rs100 crore in 2009-10. With the acquisition of Biovail CRD Lambda has now established a worldwide infrastructure in India, UK, Poland and North America.
This deal has been structured as an Asset Purchase Agreement wherein Lambda will now have an independent business unit in Toronto, Ontario, consisting of two facilities with over 50,000 square feet dedicated to clinical or bioanalytical services.
These facilities house six study clinics, including a 12-bed, Phase I first-in-human unit and a total capacity of 194 beds, as well as a clinical contact centre and subject screening unit, a fully equipped bioanalytical laboratory and a full-service clinical data management department.
Lambda Canada has over 100 employees and has conducted over 3,500 Phase l, bioavailability or bioequivalence and drug-interaction studies on more than 400 different chemical entities. It has a database that exceeds 100,000 adult male and female volunteers for potential enrollment in studies.
Also the acquisition will help Lambda to have the track record of having systems that have been audited in compliance with United States Food and Drug Administration (USFDA), Therapeutic Products Directorate (Canada), European Agency for the Evaluation of Medicinal Products (EMA), and other comparable foreign regulatory bodies, thanks to Biovail.
Founded in 1999, Lambda Therapeutic Research Limited has a portfolio of clinical development services, delivered through a team of more than 400 members.
Besides being present in two locations in India, Ahmedabad and Mumbai, Lambda also has a regional office in the US and clinical operations at Poland and Canada. Lambda has completed over 1000 BA/BE studies, 20 first-in-man studies & 35 Phase II & III clinical trials.