Bengaluru-based silico technology company Strand Life Sciences Pvt. Ltd has entered a deal to acquire the India medical diagnostics business of New York Stock Exchange-listed Quest Diagnostics Inc.
However, the financial details of the deal have not been disclosed yet. Ramesh Hariharan, CEO at Strand Life stated that the deal will add strong North India presence and marquee clientele that includes hospital chains, corporate houses and pharmaceutical companies to the company’s portfolio.
“This acquisition is an important addition to our network of 24 diagnostic labs across India, especially as we continue to expand our work in oncology, genomics, and precision medicine,” Ramesh Hariharan, CEO at Strand Life, said.
On the other hand, Quest has a 65,000-square-feet laboratory in Gurugam. It conducts tests for a variety of diseases including cancer and infectious illnesses such as chikungunya.
The acquisition deal is expected to be closed by the end of the first quarter of 2019. The transaction is the third significant development for Strand Life this year.
Founded in 2000, Strand Life Sciences develops technology for data, image and text analysis, and for diagnostics testing in the fields of genomics, pharmaceuticals research and development, biotechnology and healthcare. In February, the company raised funds from healthcare-focussed private equity firm Quadria Capital.