Mumbai, Apr 17 (UNI) Leading full service clinical research Organisation SIRO Clinpharm Pvt Ltd, today announced 100 per cent acquisition of European CRO Omega mediation Group for an undisclosed all cash deal.
Announcing the acquisition together with Omega, SIRO Clinpharm CEO Chetan Tamhankar said SIRO would have a combined turnover of Rs 200 crore and this would double by 2010.
He said the acquisition was part of the strategic plan SIRO had chalked out to foray into European market, especially through the non traditional route.
The transaction which had been pursued since September last year was in a series of carefully planned internal and external moves of SIRO to position among leading mid-sized CRO companies in the world.
In July last year, SIRO had acquired Global Client Partners of the US.
Omega Mediation Managing Director Sofia Hofmann said that it was an emotional bondage as her Germany-based Company found a lot of similarities in SIRO. ''The move was right for us to address changing dynamics of clinical research sector,'' she said adding that the Company would be committed to offer the level of expertise and service that built Omega's reputation to this point. As a SIRO group company it had the opportunity to compete for large global studies and large scale and complex clinical data management projects.
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