Bengaluru-based Strand Life Sciences (formerly Strand Genomics), which was founded 18 years back by ex-professors of prestigious Indian Institute of Science (IISc) , has acquired the India medical diagnostics business of Quest Diagnostics, a New Jersey, US-based diagnostic information services provider.
The acquisition is expected to close by the end of the first quarter of next year, but terms of the transaction weren’t disclosed.
The acquisition will help Strand Life Sciences (Strand) to mark its strong presence in North India as well as to grow its marquee of clientele that includes hospital chains, corporate houses and pharmaceutical companies to Strand’s portfolio.
Quest, which has 65,000-square-feet laboratory facility in Gurgaon, has industry-leading laboratory operations in the United States, United Kingdom, Mexico and Puerto Rico.
Ramesh Hariharan, CEO at Strand Life, 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.”
Steve Rusckowski, CEO of Quest, 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.”
Founded in October 2000, by IISc Professors Vijay Chandru, Ramesh Hariharan, Swami Manohar, and V. Vinay, Strand had raised $13 million, in February this year. The funds was raised from Singapore-based healthcare focused private equity investor, Quadria Capital, along with participation from India-based HealthQuad Fund and Singapore-based Heritas Venture Fund. In 2003, Strand was nominated as a technology pioneer by the World Economic Forum for the year 2002.
In the late 1990s, all four Strand co-founders happened to attend an address by Ratan Tata, who was president of the court of IISc, who had expressed discontent on the lack of a research park on the institute where startups could interact with the institution, as is common in premier institutes such as Stanford and MIT.
This encouraged them to do a venture of their own and eventually in October 2000, the four established Strand Life Sciences, with IISc as a partner.