The alliance covers the running of clinical trials, data management and statistical analysis, with Tigermed, a Chinese contract research organisation (CRO), using MacroStat to improve its services in these areas.
By enhancing its offering in these areas Tigermed believes it can improve drug development in China, providing services that meet international standards while streamlining clinical research and cutting R&D costs.
In return MacroStat will receive an “asset injection”, with this additional capital being used to accelerate development of its biostatistic services and further penetration into the clinical trial market.
Ye Xiaoping, CEO and founder of Tigermed, said: “The win-win cooperation between leading CROs with complementary advantages is conducive to constructing a higher level of CRO service chain and further updating full service capability, which also opens a fast track to the globalisation of China CROs.”
Under the terms of the deal, financial details of which have not been disclosed, three of Tigermed’s executives will take seats on MacroStat’s board.
The deal forms part of Tigermed’s ambitious growth plans that target becoming the biggest CRO in China within 3 years, with a cash injection from Qiming Venture underpinning this “period of rapid expansion”.
Strategic collaborations have been identified by Tigermed as an important way of achieving its growth targets, with last year’s deal with Russian and South Korean CROs being used to spread into new markets.