Veeda Clinical Research: CX Partners-led consortium looks to sell majority stake, eyes $600 mn -$650 mn valuation

A consortium of investors led by mid-market private equity firm CX Partners is in exit mode and has launched a process to sell a majority stake in Ahmedabad-based Veeda Clinical Research, one of India's largest, independent, full-service clinical research organizations (CRO), three persons in the know told Moneycontrol.

"The deal was launched recently and feelers have been sent to both private equity funds and strategic players. The expected valuation for the entire firm is around $600 million to $650 million," one of the persons above said.

A second person familiar with the proposed transaction said, "Veeda Clinical Research should elicit interest from suitors as it has end-to-end capabilities in this segment and is perhaps the only large PE-owned CRO with scale and size and no captive element to it unlike some of its peers. It also has a strong focus on oncology." The second person added that the expected FY25 revenues and EBIDTA of the firm are around $100 million and $30 million, respectively. A third person added that global investment BDA Partners and homegrown Avendus Capital have the joint mandate as sell-side advisors.