NEW YORK (360Dx) – Quest Diagnostics announced an agreement to sell its India medical diagnostics business to Bangalore-based specialized diagnostics company Strand Life Sciences.
The companies will work together to manage the transition and aim to close the sale by the end of the first quarter of 2019. Terms of the transaction were not disclosed.
Strand Life Sciences CEO Ramesh Hariharan said in a statement that the acquisition would be an important addition to the company's 24 diagnostic labs across India, particularly as Strand Life Sciences expands its work in oncology, genomics, and precision medicine.
"It adds a large specialized diagnostics practice with three reference labs, 45 touch points, and leading corporate pharmaceutical clients to our portfolio," he said.
Quest has built the India diagnostics business over the past 10 years, Chairman, President and CEO Steve Rusckowski said in prepared remarks. "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," he said.