Jubilant buys U.S. CRO for $33.5M

By agencies   |   Wednesday, 05 October 2005, 19:30 IST
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MUMBAI: One of IndiaÂ’s largest Clinical Research Organization Jubilant Organosys has acquired U.S. based Target Research Associates, Inc (Target), a full service Clinical Research Organization (CRO), for $33.5 million in an all cash deal. This is the first ever acquisition of a U.S. CRO by an Indian company and this makes Jubilant, which reported revenues of $270 million this year, the largest Indian CRO having operations in India and the U.S., the company said. "Target fits very well with Jubliant's expansion strategies. Clinical research is an important period of drug development and acquisition of Target would increase our presence in the U.S. market. This acquisition strengthens Jubilant's position as a preferred outsourcing partner to pharma companies," Shyam S Bhartia, Chairman and Managing Director, Jubilant Organosys, said.