Indian CRO SIRO Clinpharm investors will go in for an exit strategy through an IPO route by 2011. The SIRO chalked out major plans for North America and South East Asia to achieve a turnover of Rs 500 crore in the coming months.

If this clicks within the scheduled time, the Indian CRO would be one of the very few companies in the biotech space to go the IPO way, the first being Bangalore-based Biocon. Many Indian biotech firms were forced to abort their IPO plans last year.

SIRO is a local full-service CRO providing clinical development solutions to support phase I-IV clinical trials in India. Equipped with strong clinical data management and clinical project management capabilities, SIRO has been managing contracts for some of the leading global pharmaceutical and biotech companies in various therapeutic areas.

Clocking a total turnover of Rs 280 crore for fiscal year 2008-09, SIRO is looking at achieving a target revenue of Rs 500 crore through its expansions. The company acquired German-based Omega Mediation Group and US-based Global Client Partners last year. In addition, the company is also in alliance talks with Biocon's clinical services arm, Clingene as part of their overall expansion plans in service offerings.