Somru-Veeda aim to capture $103bn biosimilars market
Somru BioScience Inc, a leading Canadian-based biotechnology company based in Charlottetown, Prince Edward Island, is to establish an innovation-centric bioanalytical laboratory in Ahmedabad with Veeda Clinical Research, one of India’s leading and largest independent CRO companies.
The Board of Directors of both companies have made a strategic alliance to expand their specialized service offerings, complementing their well-established portfolio in clinical services and bioassay kit development.
Somru-Veeda’s 50:50 flagship of Ingenuity BioSciences Pvt Ltd is a collaborative joint venture which aims to capture the growing market needs of the global biosimilars market projected to grow from US$28 billion in 2020 to US$103 billion in 2026, with a CAGR of 24.2%.
“I am delighted with the fruition of our partnership with Somru BioScience which combines the strengths of our organizations to reinforce our vision of becoming the preferred research partners for innovative biopharmaceutical companies globally,” Veeda Clinical Research Managing Director Ajay Tandon said on 18 Feb 2021.
“The joint venture will bring Somru’s global standard, integrated bioassay capabilities to service the rapidly growing biosimilars industry in the region and, combined with Veeda’s strong clinical research credentials, will provide complete clinical development solutions to our clients,” said Tandon.
Ingenuity BioSciences will be established as a premier and agile bioanalytical laboratory. Somru BioScience’s proprietary automation platform and cloud based Aegryris™ bioanalytical and productivity software suite will be a potential game-changer in the innovation-based drug discovery industry.
“This relationship will allow us to leverage our extensive experience as a biosimilar solution provider in this fast-emerging Asian market,” said Mohammed Moin, CEO of Somru BioScience Inc. “We are very impressed with Veeda’s track record as an excellent clinical service provider in India and are excited to be working with them.”
Ingenuity BioSciences aims to offer end-to-end and modular technical services, encompassing both pre-clinical and clinical domains. The Ingenuity BioSciences scientific team is comprised of talented scientists with in-depth and extensive knowledge of bioassay method development and sample analysis, clinical trial management, and global regulatory requirements. Business development and technical teams are enthusiastic and excited to collaborate and serve Indian and International clients across pan-Asia and European markets. Ingenuity BioSciences’ website will be soon available and provide detailed information on service offerings.
Ingenuity BioSciences will be led by Mohammed Moin, CEO of Somru BioScience and Dr. Ravi Krovidi, CEO of Ingenuity BioSciences Pvt Ltd. The location of Ingenuity BioSciences in Ahmedabad gives its clients a unique advantage of sharing the years of trust, regulatory expertise and reputation established by the Veeda Clinical Research services ecosystem.
“We look forward to closely working with biosimilar and biotherapeutics companies. Our vision is to become a preferred CRO clinical partner in product development’s success journey from early inception to product launch. The Biosimilarization wave is gaining significant traction, with several important monoclonal antibodies going off patent. We are very excited to partner with Somru team,” said Dr. Ravi Krovidi, CEO of Ingenuity Biosciences Pvt Ltd.
Somru Bioscience Inc. is an innovative biotechnology company based out of Prince Edward Island, Canada. Somru has developed a portfolio of reagents, ELISA kits, innovative biosimilar comparability tools and a cloud based Aegryris™ software suite to enable companies to significantly reduce the cost and timeline for biosimilar development.
Somru technologies reduce early development risk by identifying clinically meaningful differences prior to running expensive clinical trials. The company has customers throughout North and South America, Europe, Australia, and Asia.
Veeda is a leading independent Clinical Research Organization in India conducting a diverse range of clinical studies including bioavailability and bioequivalence (BA/BE) studies, pharmacokinetics, pharmacodynamics, early to late phase clinical development and clinical endpoint studies for generic molecules, new chemical entities (NCE), and biopharmaceuticals.
Veeda strives for excellence in quality and has been the partner of choice for many global pharmaceutical companies over the last 16 years. Veeda is reputed for its best-in-class scientific expertise, quality, and ethics. Veeda has an exemplary regulatory record of successfully completing USFDA, ANVISA, WHO, MHRA, AGES, ANSM, MCC, DCGI and NPRA audits to date. #technology #investment #R&D #project /fiinews.com
