Contract research organisation (CRO) Veeda Clinical Research and Canadian biotechnology firm Somru BioScience have established a bioanalytical laboratory in Ahmedabad, India.

The ‘global centre of excellence’ lab was launched by Veeda and Somru under the flagship of ‘Ingenuity BioSciences’.

Veeda and Somru’s directorial board formed a strategic collaboration to widen their service offerings in clinical services and bioassay kit development.

This collaborative joint venture (JV) of both companies aims to capture the increasing needs of the biosimilars market projected to grow from $28bn this year to $103bn in 2026.

Somru and Veeda will have a 50:50 partnership in the new JV.

Veeda Clinical Research managing director Ajay Tandon said: “The joint venture will bring Somru’s global standard, integrated bioassay capabilities to service the rapidly growing biosimilars industry in the region and, combined with Veeda’s strong clinical research credentials, will provide complete clinical development solutions to our clients.”

In a statement, Somru BioScience noted that Ingenuity BioSciences will be established as a ‘premier and agile bioanalytical laboratory’.

Somru BioScience CEO Mohammed Moin said: “This relationship will allow us to leverage our extensive experience as a biosimilar solution provider in this fast-emerging Asian market.

“We are very impressed with Veeda’s track record as an excellent clinical service provider in India and are excited to be working with them.”

According to Somru, its Cloud-based automation platform ‘Aegryris bioanalytical and productivity software’ suite will serve as a ‘potential game-changer’ in the drug discovery sector.

Ingenuity Biosciences CEO Ravi Krovidi said: “Our vision is to become a preferred CRO clinical partner in product development’s success journey from early inception to product launch.

“The Biosimilarisation wave is gaining significant traction, with several important monoclonal antibodies going off patent. We are very excited to partner with Somru team.”