MediBic acquires 10% stake in Strand Genomics

By siliconindia   |   Friday, 17 September 2004, 19:30 IST
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BANGALORE: Strand Genomics, the life sciences informatics company, has announced that Japan-based MediBic Alliance has acquired a 10 per cent equity stake in it. The strategic investment from MediBic Alliance would enable Strand to intensify its development of informatics and modelling technologies, Strand Genomics Chairman and CEO Vijay Chandru told reporters here. MediBic, a leading Japanese life sciences and pharmacogenomics consulting company, and Strand are already in a long-term business partnership to jointly develop and market informatics solutions to pharmaceutical customers in Japan. MediBic Alliance, the investment arm of MediBic, has acquired a minority stake of 10 per cent, Ali R Zareh, Chief, US Operations, MediBic, said in a teleconference. The Series A investment was closed in September 2002 by lead investor WestBridge Capital Partners and UTI Ventures, who continue to remain active on the board. MediBic and Strand are already in a long-term business partnership to jointly develop and market informatics solutions to pharmaceutical customers in Japan. MediBic will be represented on the Board of Directors of Strand Genomics with immediate effect. The strategic investment from MediBic will enable Strand to further intensify its development of informatics and modeling technologies. Strand will partner with MediBic towards forming a comprehensive virtual discovery pipeline. “Strand’s products, technology capabilities and roadmap for in silico drug discovery have attracted interest from a company like MediBic which has had phenomenal success in biopharma informatics consulting in Japan. We welcome their investment in our company and look forward to their active participation on the board”, said Dr. Vijay Chandru, Chairman and CEO, Strand Genomics. “The investment in Strand Genomics is indicative of our interest in a long term business relationship between us while also encouraging our collaborative business partnership to bear fruit in a short period. The investment would also help Strand realize future business opportunities with Japanese industry”, said Dr. Yasuhiro Hashimoto, President and CEO, MediBic. “MediBic’s investment and business alliance is yet another milestone in the progress of Strand Genomics. This mutually beneficial alliance will provide Strand with a strong marketing channel in Japan while giving MediBic an access to Strand’s products and technology capabilities”, said Sandeep Singhal, Principal, West Bridge Capital Partners, and Director, Strand Genomics. “Medibic investment in Strand Genomics further validates the technology capabilities of Strand and help in effectively addressing the Japanese market.”, said K.E.C. RajaKumar, MD and CEO, UTI Venture Fund, and Director, Strand Genomics.

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