Bengaluru-based Strand Life Sciences will acquire the India medical diagnostics business of Quest Diagnostics, the world's leading provider of diagnostic information services.
Both the companies will work together to manage the transition. They aim to close the sale by the end of the first quarter of 2019. The terms of the transaction have not been disclosed.
Dr Ramesh Hariharan, CEO, Strand Life Sciences, 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. It adds strong North India presence and marquee clientele that includes leading hospital chains, corporates and pharmaceutical clients to our portfolio, making us India."
Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics, stated, "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."
