Charlottetown-based Somru BioScience has partnered with Veeda Clinical Research, an Indian contract research organization, to establish Ingenuity BioSciences, a new bioanalytical lab in Ahmedabad, India.
The two companies have taken equal stakes in the new facility, which will be led by Somru CEO Mohammed Moin and Ingenuity BioSciences CEO Ravi Krovidi.
“This relationship will allow us to leverage our extensive experience as a biosimilar solution provider in this fast-emerging Asian market,” said Moin in a statement. “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.”
Somru BioScience is dedicated to developing antibody technology for research, diagnostic and therapeutic applications. It specializes in developing biosimilars, biological products that are highly similar to biologics that are already authorized for sale.
The company, which operates out of Charlottetown’s BioCommons Research Park with more than 20 employees, offers specialized clinical services to develop biosimilars, which could lead to more affordable drugs and vaccines.
Biosimilars have no meaningful difference from the reference biologic in terms of safety, quality, and efficacy, the statement said. Biologic drugs are used to treat such conditions as diabetes, rheumatoid arthritis, anemia, and psoriasis.
Ingenuity BioSciences will be based in Ahmedabad, which is where Veeda is headquartered. That means the new facility’s clients can benefit from the relationships and regulatory expertise that Veeda has built up over years, said the companies.
They added that the joint venture will expand the scope of Somru BioScience’s business in P.E.I., leading to future opportunities for growth and expansion.
“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," said Veeda Managing Director Ajay Tandon.