Aureos Capital invests USD four mn in Accutest Research Labs

Mumbai, July 19 (UNI) Leading private equity fund manager Aureos Capital today announced its first investment in Accutest Research Labs, a Clinical Research Organization (CRO) specializing in Bioavailability(BA) and Bioequivalent (BE) area.

It was announced in a press statement that Aureos has invested Rs 18.5 crore in this transaction. Accutest was the first independent CRO in India to receive US FDA approval in 2004.

Since then it has received a total of 6 US FDA approvals, making it the leading independent CRO in India in US FDA approvals.

Aureos has recently launched a USD 100 million India focused Private Equity Fund to provide growth capital to mid-sized businesses in the country.

Commenting on this occasion, Managing Director of Aureos Capital Mr. Sivendran Vettivetpillai, said, ''We're excited about the quality of entrepreneurship in the mid-sized segment in India.

We believe that Aureos can play a meaningful role in the growth strategies of the investee companies in India.'' The fund expects its average transaction size to fall around Rs 20 crore - providing equity capital to an under-serviced segment, given the trend towards larger deal sizes among Indian Private Equity Funds. It hopes to leverage its expertise and global best practices in assisting its Indian mid-sized investments grow to the next level.

BA/BE studies are normally undertaken by pharmaceutical companies prior to launching their own generic version of an off-patent drug. The BA/BE studies demonstrate that the generic formulation has the same efficacy and safety profile as that of the patented product. The studies are submitted to the regulatory authority of that particular country where the product is intended to be marketed.

Aureos Capital is one of the leading private equity fund managers focused on small and medium enterprises worldwide with over USD 500 million under management. It has 19 offices in emerging markets across Central America, Africa, and Asia. It enjoys support of more than 50 institutional investors including CDC, Norfund, IFC, ADB and FMO.

Accutest Research Labs is one of the country's leading independent clinical research organizations (CROs), focusing on Bioavailability and Bioequivalent (BA/BE) and Pharmacokinetic (PKA) studies. It was adjudged as ''India's a Best CRO 0f 2005 in Clinical Research Outsourcing'' by Proximare, one of the leading management consulting firms based in Princeton, USA.

UNI SN GB VKG1735