Mr Panna Sharma, CEO, Cancer Genetics Inc
BioServe India, founded in 2002, is a genomics services provider and molecular kit manufacturer, serving both research and clinical markets.
The transaction is expected to close during the third-quarter of 2014, and is subject to customary closing conditions and government approvals in India.
Under the terms of the agreement, BioServe Biotechnologies, headquartered in Hyderabad, will become a subsidiary of CGI, and will be renamed as Cancer Genetics Inc.
"With Bioserve, CGI will become better positioned to increase our global presence in personalized cancer care and further improve outcomes and lower costs for cancer patients," said Mr Panna Sharma, CEO, Cancer Genetics Inc.
CGI plans on retaining all 33 current employees of BioServe India, and further expanding and strengthening the sales and clinical teams in India.
BioServe India currently operates out of a state-of-the-art 14,000-square-foot genomics facility in Hyderabad. The company is backed by Ventureast, a pioneering venture capital institution based in India, which has enabled over 80 seed, early and growth stage businesses in a broad array of sectors including technology, life sciences and clean environment.
"We are happy to see that a biotechnology company we nurtured from its early stages is graduating to the next level. We share the belief that genomic services, next-generation sequencing and personalized diagnostics have tremendous potential in the country and can grow multi-fold in the coming years," said Mr Venkatadri Bobba, general partner, Ventureast.