Genesis Drug Discovery & Development (GD3), a member of Genesis Biotechnology Group (GBG) has acquired Comparative Biosciences Inc. (CBI), a Contract Research Organization (CRO) located in Sunnyvale, California.
CBI is specialized in GLP (Good Laboratory Practice) Toxicology and Safety Pharmacology projects for IND-enabling research studies. This portfolio addition will enable GD3 to expand its pre-clinical services to GLP based studies by offering integrated, single-point-of-contact services throughout the project lifetime; streamlining all phases of the discovery cycle; and enabling new discoveries to progress rapidly from project inception through pre-clinical development. CBI’s team of scientists will work synergistically with GD3’s existing services around preclinical drug discovery.
“This acquisition is another strategic milestone for GBG in support of our vision to build a world class fully integrated CRO,” said Dr. Eli Mordechai, CEO of GBG. “Adding CBI is another way to differentiate our capabilities in the preclinical space. The acquisition of CBI significantly enhances our capabilities for providing IND enabling studies in Toxicology and Safety Pharmacology to better serve our industry partners.”
“M&A transactions in several sectors are paused or abandoned due to pandemic, but the CRO sector is less affected,” commented Dr. Ben Bandaru, director of corporate development at GBG. “We are seeing a temporary uptake in our service business as Pandemic related restrictions have forced Pharma and Biotech companies to increase outsourcing. However, timing of when things return to normalcy is still uncertain, so providing forward guidance continues to be a challenge in the short term.”
“Selling a business that we have built in a span of 20 years is not an easy decision but we are excited to be a part of GD3’s integrated portfolio of contract research services, as it would benefit our clients tremendously,” added Dr. Carol Meschter, CEO of CBI. “This acquisition allows us the opportunity to provide a more complete package of services to our clients and creates opportunity for our team to grow and evolve with a broader platform.”Source