Ahmedabad: The Ahmedabad-based Lambda Therapeutic Research Ltd, a Contract Research Organisation (CRO), today said it has successfully acquired the US-based veteran CRO, Biovail CRD.

The financial consideration involved in the deal could not be known immediately.

The entity has now been renamed as Lambda Therapeutic Research Inc. Biovail is one of North Americas' oldest clinical pharmacology CROs.

Ms Bindi Chudgar, Managing Director, Lambda, said in a statement here that the company would now have an infrastructure of 600-plus clinical beds dedicated to Phase 1 of clinical pharmacology.

After this acquisition, the annual gross revenue of Lambda will be more than $50 million globally. Lambda already has its infrastructure in India, the UK and Poland.

The deal was structured as an Asset Purchase Agreement (APA) wherein Lambda will now have an independent business unit in Canada.

With this acquisition, Ms Chudgar said, Lambda will be audited with systems and procedures in compliance with the regulations of the US Food and Drug Administration (USFDA), Therapeutic Products Directorate (Canada), European Agency for the Evaluation of Medicinal Products (EMA), and other comparable foreign regulatory bodies.

It also has the advantage of the expedited Canadian regulatory filing process, which will be within the reach of their clients across the world.

Avendus Capital was the financial advisor to Lambda on this deal.

Founded in 1999, Lambda Therapeutic, having facilities in Ahmedabad and Mumbai, has a regional office in the US and clinical operations in Poland and Canada.

Biovail CRO, established in 1975, has research facilities in Canada and has amassed more than 97,000 subjects in its database, amongst the largest in the industry.