Through the partnership, the global private equity investor Advent has made a majority investment in BioDuro, a contract research and development organization (CRDO) Financial details of the investment and partnership have not been disclosed.
BioDuro, with operations in San Diego, CA as well as Beijing and Shanghai, China, is focused on providing integrated discovery services such as synthetic and medicinal chemistry, drug metabolism and pharmacokinetics (DMPK), biologic services, and translational oncology services, including the ‘living tumor bank’ that it acquired from Molecular Responses.
Cyrus Mirsaidi, president and CEO of BioDuro, said in a statement that Advent’s investment and partnership enables the company to allocate new capital resources globally. Additionally, BioDuro will look for opportunities for mergers and acquisitions to achieve its goals in expanding its service offerings.
Backed by Advent, BioDuro expects to invest in an operational expansion to include a new research base in China where its existing Beijing and Shanghai sites are located. It also plans to expand its current good manufacturing practice (cGMP) drug product and preclinical discovery facilities in San Diego.
As per the agreement, Advent’s operating partner David Preston become chairman of BioDuro’s board of directors alongside another operating partner at Advent, Amit Patel.
Flippio de Vecchi, managing director and co-head of Advent, greater China, said in a statement, "Advent has closely followed the U.S. and Chinese health care sector over the past years and we view our partnership with BioDuro as an excellent opportunity to capture growth in the fast growing CRO and CDMO market worldwide.”
Advent has made investments in the healthcare industry totaling $6.7bn ($5.8bn) over the past 28 years. The firm recently made investments in Zentiva, and Syneos Health.