Global CRO ClinTec International has announced a financial and strategic partnership with Elephant Capital, an AIM market-listed private equity firm. With an investment of approximately $12.5 million, Elephant has acquired a significant minority stake in ClinTec, entering the clinical research base. ClinTec operates as a global provider of outsourcing solutions addressing the drug development lifecycle.
Elephant Capital managing partner Gaurav Burman and non-executive director Jim Hauslein have also made personal co-investments and have been elected to the ClinTec board.
Elephant focuses on differentiated businesses able to leverage the potential India holds as an emerging powerhouse within the global economy. ClinTec has established a solid presence in India and was one of the first in the clinical research services arena to enter India in 2002. Elephant Capital will aid further expansion of ClinTec in India and facilitate expansion into the Asia Pacific region with ClinTec’s Bangalore office serving as the regional hub for clinical research activity.
President and CEO Dr. Rabinder Buttar founded ClinTec in 1997 and since then has organically grown the company into a global multi-national. “For more than a decade ClinTec’s highly experienced teams across the globe supported by expert country managers have been driving the growth of our organization,” said Buttar. “As the pharmaceutical and biotech industry shifts its drug development efforts to the emerging markets, ClinTec will partner with its clients in a flexible way, exactly aligning its services and operations to fit with the needs of its clients.”