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news.Laxai Pharma has completed its first acquisition in the clinical research services space by purchasing all of the assets of OSR Solutions (OSR), a New Jersey based contract research organization (CRO).
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Laxai said that the acquisition has been completed for $3.6m consisting of $1.5mm in cash, $0.75mm in notes, $0.60mm in assumed liabilities, and 5.6mm common shares of Laxai and about 10% of the issued and outstanding common shares at closing. The acquisition was financed by a combination of debt and equity.
Ram Ajjarapu, chairman and CEO of Laxai Pharma, said: “We hope that this platform acquisition of OSR is the first in a line of targets we have mapped out in our business plan. We are excited about the client base, the strong financial performance and the broad range of skills of the OSR team. We are also pleased that Vamsi Maddipatla and Naren Mallakunta, CEO and well-seasoned CRO executive of OSR are 100% committed to our plan and in helping us accelerate the growth of Laxai Pharma into a substantial player in the CRO marketplace.”
Vamsi Maddipatla, president and founder of OSR, said: “When Ram approached me with the opportunity to combine forces, I was extremely enthusiastic. There is clearly an opening for a smart, highly motivated company with a strong team to rapidly build market share organically and by acquisition both in the US and overseas.”