The combined company, named Venn Life Sciences, will be headquartered in Ireland and have more than 200 employees. Using new working capital lines from Partners for Growth Venn plans to expand the business.
“I am pleased that the months of planning have yielded a successful outcome and one that will ensure continuity of business for our clients and employees”, Kai Lindevall, CEO of Encorium said.
In October Lindevall told Outsourcing-Pharma Encorium was looking for a CRO (contract research organisation) partner or private equity buyer to help the business recover after several years of declining net sales. Lindevall will serve on the board of the new combined company.