$165m PE investment sets Caidya on M&A trail
Caidya is exploring strategic acquisitions and organic expansion after receiving a $165 million investment from private equity group Rubicon Founders.
The Raleigh, North Carolina-based CRO outlined the growth plan last week, with executive chairman Lingshi Tan predicting, “This substantial investor support comes at a unique inflection point to propel Caidya to the next level.”
This was echoed by recently appointed CEO Barbara Lopez Kunz, who said, “Rubicon founders will bring tremendous expertise and resources to accelerate our global growth, in full alignment with our aspiration to be the leading mid-sized CRO serving biopharma innovation across the Americas, Europe, and Asia-Pacific.”
Rubicon partner David Glaccum, who will join Caidya’s board of directors, said the plan is to partner with “Caidya’s management team and existing investors to support the company’s continued growth plans.”
Global reach
Caidya was founded in 2021 when Shanghai, China-based dMed Global merged with Clinipace to create a “mid-size” CRO, with 1,600 employees and operations in 22 markets around the world.
Last April, the firm set up a legal entity, Caidya Canada Limited, and opened an office in Toronto, Ontario, citing the country’s “thriving” biotech market as the prompt for the investment.
At the time, it wrote that “Canada is a key player in the biotech industry, offering a supportive ecosystem, world-class research institutions, and a highly skilled talent pool.
“By establishing a presence in this dynamic market, Caidya aims to leverage these advantages to enhance its clinical trial services capabilities and foster collaborations with local partners. This expansion will also further Caidya’s efforts to attract and retain best-in-class talent in North America.”
News of the investment comes just a year after Caidya appointed industry veteran Jay Roberts to its board, citing his experience in “equity and debt financing, mergers, and acquisitions” as benefits.
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