Quest Diagnostics (NYSE:DGX), a New Jersey-based diagnostic information services provider, is selling its India medical diagnostic business to Strand Life Sciences, a Bangalore-based diagnostics group for an undisclosed sum.
The acquisition will bolster Strand Life’s network of 24 diagnostic labs, which specialize in the identification of diseases, across India as the company continues its work in oncology, genomics as well a precision medicine.
“It adds a large, specialized diagnostics practice with three reference labs, 45 touch points, and leading corporate and pharmaceutical clients to our portfolio,” said Dr Ramesh Hariharan, Strand Life’s CEO in a statement.
Steve Rusckowski, CEO of Quest, added: “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.”
The two companies hope to close the sale by the end of the first quarter of next year, but terms of the transaction weren’t disclosed.
Strand Life is a clinical research and diagnostics company that specializes in diagnostics tests covering oncology, genetics, fertility, women’s health, infectious diseases and general wellness. The Bangalore-based company is also a pioneer of genomic testing in India.
Quest Diagnostics shares closed flat at $103.33 on Friday.