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Angel Investor (Individual)

Investments

7

Portfolio Exits

1

About Pankaj Patel

Pankaj Patel is the former executive vice president and chief development officer at Cisco.

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Latest Pankaj Patel News

Zydus Group seeks to sell clinical research biz

May 3, 2023

Zydus Group is reportedly exploring the sale of its clinical research unit, Cliantha Research, with a price tag of $200m to $250m. Investment bank Moelis & Co. has been hired to manage the sale process, with private equity investors approached. Cliantha specializes in early-phase clinical studies, and also offers other services such as late-phase research and dermatology research. Despite the potential for clinical research in India, the sector has faced challenges including delays in the approval process and insufficient infrastructure. Mumbai: Zydus Group is exploring the sale of its clinical research business, Cliantha Research Ltd, in a deal that could potentially fetch more than $200 million, three people familiar with the development said. The Zydus family is seeking a price of between $200 million and $250 million for Cliantha Research, the people cited above said, requesting anonymity. Investment bank Moelis & Co. has been hired by the Zydus promoters to manage the sale process, and several private equity investors have been approached for a potential deal, the people said. Zydus promoters Pankaj Patel and his family independently own Cliantha Research. The company is, however, not part of the publicly traded Zydus Life Sciences Ltd. Neither the spokesperson for Moelis nor the office of Pankaj Patel, the chairman of Zydus Lifesciences, who is also a promoter at Cliantha Research, responded to requests for comment. Cliantha Research’s net sales rose 57% to ₹499.1 crore for the year ended 31 March 2022 from ₹317.1 crore in the previous fiscal year. Operating profit surged 79% to about ₹145 crore from ₹81 crore, according to data platform VCCEdge, which is owned by HT Media, the publisher of Mint. “Clinical research in India is a challenging business due to regulatory reasons, but this could potentially develop into a platform for a global business," one of the people cited above said. Despite its potential, clinical research in India has faced several challenges, including delays in the approval process, misinformation about trials and insufficient infrastructure, hampering the sector’s development. Clinical research organizations, or CROs, conduct studies and manage drug trials for pharmaceutical companies, with some also providing manufacturing services. Established in 2004, Cliantha specializes in early-phase (bioavailability/bioequivalence) clinical studies, which compare the efficacy of two different drug formulations. The company also offers a range of other services, including first-in-man, late-phase research, respiratory, tobacco, dermatology, and consumer research, according to its website. In November 2022, the Cliantha board approved a buyback proposal of up to ₹40 crore, according to regulatory filings. In 2005, Cliantha acquired Karmic Life Sciences, a company offering clinical trial management, clinical data management, and biostatistics services. Cliantha has offices in the US, Canada, in addition to Ahmedabad, Vadodara, and Noida in India, according to its website. In a similar transaction, Goldman Sachs bought a significant minority stake in Aragen Life Sciences in 2021. ABOUT THE AUTHOR

Pankaj Patel Investments

7 Investments

Pankaj Patel has made 7 investments. Their latest investment was in Suki as part of their Series C on December 12, 2021.

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Pankaj Patel Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

12/7/2021

Series C

Suki

$55M

Yes

28

10/8/2019

Series C

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$99M

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10

3/13/2019

Series A

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$99M

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10

6/27/2018

Series B

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$99M

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10

2/20/2018

Series B - II

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$99M

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10

Date

12/7/2021

10/8/2019

3/13/2019

6/27/2018

2/20/2018

Round

Series C

Series C

Series A

Series B

Series B - II

Company

Suki

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Amount

$55M

$99M

$99M

$99M

$99M

New?

Yes

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Co-Investors

Sources

28

10

10

10

10

Pankaj Patel Portfolio Exits

1 Portfolio Exit

Pankaj Patel has 1 portfolio exit. Their latest portfolio exit was IoTium on July 08, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/8/2021

Acquired

$99M

2

Date

7/8/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

2

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