The acquisition will bring with it Neeman’s regional offices located in Ahmedabad, Bangalore, Chennai and Mumbai, India, as well as an office in North Carolina through its US subsidiary.
Clinical trial regulations in India have been in flux for the past couple of years, with the Indian Supreme Court having to step in, though JSS’s move for one of the largest CROs on the subcontinent could be an indication that the country has turned a corner.
Toni Rinow, CFO at JSS Medical Research, did not seem to think that the regulations would be an issue for the company.
“We are a Canadian-owned CRO and our standards for North America and Europe with the same quality assurance programs and Standard Operating Procedures will be implemented in India,” Rinow told Outsourcing-Pharma.com. She added that India is “an expanding economy” with a growing middle class that can afford quality healthcare.
None of the Neeman employees will be laid off as a result of the acquisition, Rinow also told us.
The expansion in India follows the acquisition of Latam Clinical Trials, a CRO in Bogota, Colombia that established JSS's presence in Latin America. In 2014, JSS also merged with Integrated Research, a Montreal-based CRO.
"This expansion enables us to provide our large pharmaceutical clients with our services to their regional affiliates in India and surrounding regions. For our biotech clients the expansion will provide them with access to patients and high quality research sites that will facilitate the completion of their clinical development programs,” added John Sampalis CEO of JSS. “This is an important step for JSS Medical Research in its evolution as a niche global CRO and a major achievement for the Canadian and Quebec Health Care Research Industry because it is testimony to the fact that the quality and value of the scientific work done here transcends geographic borders and limits.”
The latest expansion is supported by the recent equity investment transaction into JSS with Capital Croissance PME, a joint fund by Caisse de dépôt et placement du Québec and by Capital régional et coopératif Desjardins.
"The Max India group has nurtured Max Neeman to become a world class CRO with strong values and deep customer relationships. As a natural owner of this business, JSS Medical Research will provide a larger network of clients and invest in Max Neeman's growth,” added Rahul Khosla, Managing Director, Max India Ltd.