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news.Laxai Pharma, a contract research organisation(CRO), has completed an asset purchase of OSR Solutions, as a platform acquisition to enter into the CRO industry that provides fully integrated services across the drug development spectrum for pharmaceutical customers and simultaneously cease its biofuel operations.
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Laxai Pharma has completed the asset purchase of OSR by investing $3.6m financed through the issuance and sale of debt and equity securities. The company now has 60.1m common shares issued; other than a warrant to purchase 5.8m common shares issued to a lender of the company, no other equity or equity linked securities have been issued.
Ram Ajjarapu, executive chairman of Laxai Pharma, said: “We have acquired the assets of OSR Solutions,(OSR), a New Jersey based CRO with over $6m unaudited 2009 revenue, and we expect to demonstrate our business in the CRO sector in the years to come by pursuing both internal growth as well as synergistic acquisitions.”