Fairmount Partners Assists Accutest, Leading CRO in India

Mumbai – October 1, 2010 – The shareholders of Accutest Research Laboratories (I) Pvt Ltd., a leading Indian contract research organization (CRO), sold a controlling stake to Greater Pacific Capital Limited, a PE fund focused on investing in public and private equity markets in India and China.

Fairmount Partners was the co-advisor to the shareholders of Accutest, including the existing PE investor, Aureos and the two promoters of the company. Funds managed by Aureos Capital invested in Accutest in June 2006 and held a total stake of 34% in the company. The sale delivered a good return on investment to the funds.

Commenting on the investment, G.V Kumar, Partner at Aureos India Advisors said, “India is now recognized as one of the world leaders in the generic drugs sector and Accutest now plays a central role in that industry. We are proud to have seen Accutest grow to become a leading research partner for that sector and to start to work with pharmaceutical companies on a global basis. We are delighted to be completing this sale to Greater Pacific Capital, an investor that is keen to expand Accutest further into global markets.”

Neal McCarthy, Managing Director of Fairmount Partners commented, “Accutest and its founders have built one of the leading CROs in India, and it was a pleasure to work with them and Aureos Capital on this important transaction. This was our 3rd CRO deal in the last 4 months, and we continue to see interest from strategic and financial buyers and investors in the space. With this successful deal, we continue our leadership in pharmaceutical services, with over 70 transactions completed in the Americas, Asia and Europe.”

ABOUT ACCUTEST

Research Laboratories (I) Pvt Ltd Accutest Research Laboratories is a Contract Research Organization established in 1998 by technocrat entrepreneurs Dr. Satish Sawant & Dr. Santosh Joshi. Based out of Mumbai, Accutest focuses on BA/BE services and has a growing Clinical Trials and Formulations Development business. Besides having clinical facilities in Ahmedabad and Mumbai, Accutest also operates a joint venture in Mexico. Accutest has strong regulatory expertise, and its sites have been successfully inspected several times by international regulatory agencies including USFDA, EMEA and ANVISA.

Principals of Fairmount Partners acted as advisors to Accutest Research Laboratories in this transaction.

Fairmount Partners is a registered Broker Dealer, member FINRA (www.finra.org) and SIPC (www.sipc.org).

Contact: Neal McCarthy