Pharos Capital has purchased a controlling stake in US-based TechLab from Alere for an undisclosed sum.
The interest is being acquired from TechLab’s founders Tracy Wilkins and David Lyerly, who will work with the company by maintaining a minority investment
Based in Blacksburg of Virginia, TechLam is engaged in the development of rapid and non-invasive diagnostic tests for gastrointestinal disease.
TechLab produces Quik Chek technology, which is claimed to deliver accurate results in less than 30 minutes.
The company also provides test for the detection of C. difficile (C. Diff) bacteria, which is responsible for hospital-acquired infection.
In addition, the firm produces test products for other gastrointestinal conditions, including inflammatory bowel disease, irritable bowel syndrome and E. coli.
Wilkins will serve as a board member and advisor of the company, while Lyerly will join the board and continue to serve as chief scientific officer.
Pharos has appointed Daniel Delaney as CEO of TechLab, who earlier served as the president of Alere North America.
Delaney said: “It is rare to have a medical test that can both improve the quality of outcomes and reduce costs.
“TechLab products do both, making them the clear market leader. In addition, TechLab is poised to expand the Quik Chek product line into applications for other diseases.”
Alere infectious disease global president Avi Pelossof said: “We are pleased to remain the principal global distributor of TechLab as it allows Alere to continue to provide TechLab’s quality rapid diagnostics in the enterics market.”