MedGenome acquired Delhi-NCR-based diagnostic lab Prognosis Laboratories. The financial details of the acquisition were not disclosed. The acquisition will help Bengaluru-based MedGenome to accelerate growth and geographic penetration.
“The transaction augments MedGenome’s comprehensive diagnostic portfolio, foothold in Northern India, coupled with complementary business models and natural synergies to drive growth and profitability,” MedGenome said in a statement.
Prognosis Laboratories was established in 2013 by Dr. Smita Sadwani, Dr. Deepak Sadwani and Mayank Madan. The NABL accredited lab provides diagnostics, microbiology and radiology services. The company has a test catalogue of over 700 tests spread across pathology, radiology with a specialization in molecular diagnostics, histopathology, immunology, biochemistry, microbiology and serology.
MedGenome, backed by Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital and International Finance Corporation, offers genetic testing services, genomics Research and drug discovery solutions.
Wodehouse Capital was the exclusive financial advisor to Prognosis Laboratories for the transaction. Khaitan & Co acted as the legal counsel for the sellers.
