Bengaluru-based Strand Life Sciences Pvt. Ltd has agreed to acquire the India medical diagnostics business of New York Stock Exchange-listed Quest Diagnostics Inc.
“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 in a statement.
The Indian clinical research and diagnostics company didn't disclose terms of the deal.
Hariharan also said the deal will add strong North India presence and marquee clientele that includes hospital chains, corporate houses and pharmaceutical companies to Strand's portfolio.
Quest has a 65,000-square-feet laboratory in Gurugam, near Delhi, which conducts tests for a variety of diseases including cancer and infectious illnesses such as chikungunya.
The two companies aim to close the deal by the end of the first quarter of 2019.
The transaction is the third significant development for Strand Life this year.
In February, Strand Life raised funds from healthcare-focussed private equity firm Quadria Capital.
Strand Life Sciences was founded in 2000 by Indian Institute of Science professors. It develops technology for data, image and text analysis, and for diagnostics testing in the fields of genomics, pharmaceuticals research and development, biotechnology and healthcare.