Genesis Drug Discovery & Development, a Hamilton-based member of Genesis Biotechnology Group, announced on Wednesday it has acquired Comparative Biosciences Inc., a Contact Research Organization located in Sunnyvale, California.
The acquisition will allow GD3 to expand its pre-clinical services to GLP, or good laboratory practice, based studies.
“This acquisition is another strategic milestone for GBG in support of our vision to build a world class fully integrated CRO,” Dr. Eli Mordechai, CEO of GBG, said. “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,” Dr. Ben Bandaru, director of corporate development at GBG, said. “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.”