US-based private equity firm and venture capitalist 3i Capital has picked up a strategic stake in Siro Clinpharm, one of the country’s largest and oldest Clinical Trial and Research Organisations (CRO), in its largest-ever investment in the country. The deal size is reported to be around Rs 150-200 crore
The deal would give 3i Capital the management control of Siro Clinpharm. According to sources, Siro reported close to Rs 25 crore of revenues in 2006. Most of its clients are multinational pharmaceutical companies.
When contacted, 3i sources declined comment. Chetan Tamhankar, chief operating officer, Siro Clinpharm, directed queries to 3i Capital via e-mail.
Top-level executives, including Tamhankar and Vishnu Banka,-senior vice-president, finance and strategy, would be retained, sources close to the development said.
Siro Clinpharm was set up by Gautam Daftary in 1996. Since then, the company has steadily built its reputation as a specialist in late-stage clinical development solutions, to become one of the country’s largest local contract research organisations. It has a number of significant tie-ups to enhance its capabilities in clinical research and trials. This includes a 2004 tie-up with Pfizer Global Research and Development and a strategic alliance with Covance Inc, the world's largest drug development services company.