Elephant Capital and ClinTec International announce partnership deal

Aug 19 2010

ClinTec International, a global Clinical Research Organisation ("CRO") announces financial and strategic partnership with Elephant Capital plc., a London AIM market listed private equity firm. With an investment of £8 Million GBP, Elephant has acquired a significant minority stake in ClinTec. Through this investment, Elephant has entered the attractive clinical research base, where ClinTec operates as a global provider of outsourcing solutions addressing the drug development lifecycle. Managing Partner of Elephant Capital, Gaurav Burman and Director of Elephant Capital, Jim Hauslein, have also made personal co-investments in this transaction.

ClinTec has elected to strengthen the Board of the company as part of the transaction, and as such Gaurav Burman, Dr Anand Burman and Jim Hauslein will take up seats on the Board. Gaurav Burman founded Elephant Capital by successfully mobilising two funds through investment from several prestigious financial institutions and the Burman family itself. Dr Anand Burman is the Chairman of FMCG company, Dabur and brings a wealth of experience in the healthcare sector and oncology. Jim Hauslein provides extensive business experience, including the development of Sunglass Hut into a global enterprise.

Elephant focuses on differentiated businesses which are able to leverage the potential India holds as an emerging powerhouse within the global economy. ClinTec was identified as such a company, as it has established a solid presence in India and is one of the first-movers in the Clinical Research Services arena. Elephant Capital will leverage their substantial network in India and internationally, to aid the further expansion of ClinTec operations in India. The partnership will also facilitate expansion into the Asia Pacific region with ClinTec's long established Bangalore office serving as the regional hub for clinical research activity.

President and CEO, Dr Rabinder Buttar founded ClinTec in 1997 and has since then organically grown the company into a global multi-national. Dr Buttar commented, "For more than a decade ClinTec's highly experienced teams across the globe, supported by expert country managers, have been driving the growth of our organisation. ClinTec provides high quality clinical research services and resourcing solutions to clients who include 11 of the top 25 global pharmaceutical companies, plus innovative biotech and medical device companies. As the pharmaceutical and biotech industry shifts its drug development efforts to the emerging markets, ClinTec will partner with its clients in a flexible way, exactly aligning its services and operations to fit with the needs of its clients. We value the strategic input of Elephant, the Burman family and their wealth of experience in Dabur, as well as the extensive experience of our US Board Director, James Hauslein. With a new global Board in place and hugely committed employees in every continent, we are very optimistic about the continued strong growth of ClinTec ahead."

Commenting on the transaction, Gaurav Burman said. "We are looking forward to a long-term partnership with ClinTec International and building on all that has been achieved to date. As well as bringing to ClinTec, our immense expertise in finance and creating corporate global organisations, we look to preserve the fine values and unique culture of ClinTec which has made it such a well respected and successful global organisation".

ClinTec's Senior Director of Corporate Development, Mr Bobby Bal commented, "The investment is further confirmation of the quality within the ClinTec business, which is very much driven by our employees delivering outstanding client service all over the world. We are happy to bring Elephant on board to further enhance our development within Asia, which will be of huge benefit for our client base. We look forward to strategically working with Elephant on a global basis over the coming years".