Diagnostic information services provider Quest Diagnostics has entered into an agreement to divest its medical diagnostics business in India to Strand Life Sciences for an undisclosed sum.
Strand Life Sciences is a Bangalore-based clinical research and diagnostics company and a pioneer of genomic testing in India.
The transaction is expected to close the end of the first quarter of next year.
Strand Life Sciences combines bioinformatics with latest laboratory assays and a vast hospital partner network to drive newer generations of patient care. Its customers include global instrument, diagnostic and pharmaceutical companies.
The company offers integrated specialized diagnostics services covering oncology, genetics, fertility, women’s health, infectious diseases and general wellness.
Strand Life Sciences CEO Ramesh Hariharan said: “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.”
The purchase adds a large specialized diagnostics practice with three reference labs, 45 touch points, and corporate and pharmaceutical clients to Strand Life’s portfolio.
Earlier this year, Quadria Capital invested in Strand Life Sciences, which is formed from the business combination of Strand and Triesta, the diagnostics unit of HCG.
India-based HealthQuad Fund and Singapore-based Heritas Venture Fund also contributed to this fund.
Quest Diagnostics chairman, president and CEO Steve Rusckowski said: “We have built a diagnostic laboratory in India with a reputation for quality over the past 10 years. As our business model has evolved, we believe Strand Life Sciences is well positioned to continue the important work of empowering the people of India to improve their health with diagnostic insights.”
Quest Diagnostics claims to annually serve one in three adult Americans and half of the physicians and hospitals across the US, with its 45,000 employees.
Last month, Quest Diagnostics had acquired PhenoPath, Seattle-based specialized anatomic pathology (AP) and related services provider.
It provides molecular oncology and other services that extend Quest Diagnostics’ advanced diagnostics portfolio of services including genetic sequencing and genomic tumor analysis, which require higher-order expertise and skill.