WESTBOROUGH, MA—LabCorp, a Burlington, NC-based global life sciences company, has acquired Sciformix Corporation, a 1,100-employee scientific process outsourcing company founded by Ajit Nagral, a serial entrepreneur who has built multiple companies in the life science and technology domain.
“Sciformix is delighted to become part of the Covance and LabCorp family, bringing new opportunities for our employees as they work to improve healthcare for patients worldwide,” said Mr. Nagral.
Headquartered in Westborough, MA and focused on pharmacovigilance and regulatory solutions for biopharmaceutical and medical devices clients, Sciformix will become part of Covance, LabCorp’s drug development business. Terms of the transaction have not been disclosed.
“This acquisition strengthens our position in the later phases of drug and device development, particularly for post-marketing pharmacovigilance and market access solutions,” David P. King, chairman and chief executive officer of LabCorp., said in a statement. “The addition of Sciformix’s scientific and technology expertise, combined with its quality-driven processes, will support Covance’s work in transforming drug development through innovation and greater efficiency.”
Sciformix’s offerings include post-marketing safety and risk management, clinical development support services, regulatory affairs and operations, technology services, and real-world evidence solutions. The majority of Sciformix’s 1,100 employees are based in Asia, accelerating Covance’s global expansion.
Sciformix was founded in 2007 by Mr. Nagarl, who serves as the compamy’s executive chairman. Mr. Nagral has created sustainable market brands that continue to lead, innovate and deliver critical value to the pharmaceutical and biotechnology industries.
Prior to Sciformix, Mr. Nagral founded NuGenesis Technologies Corporation, a company that became a worldwide leader in Scientific Data Management and was acquired by Waters Corporation (NYSE: WAT) a multi-billion dollar Life Science company. Prior to NuGenesis, Mr. Nagral founded Megaware, Inc. in 1991, a critical provider of Software and IT Services to the Life Science industry. Mr. Nagral is a Charter Member of TiE (The Indus Entrepreneurs) and served on the Board of Trustees of TiE Mumbai. Mr. Nagral is an active investor and advisor to several startups.
“The development process does not end once a drug or device is approved,” said Bill Hanlon, Ph.D., group president of Clinical Development and Commercialization Services at Covance. “More than ever, approved treatments must be monitored closely to demonstrate a continued favorable benefit-risk ratio in a much broader population and to safeguard patient safety.