BioServe India will become a wholly owned subsidiary of CGI
DNA-based diagnostics company Cancer Genetics has announced the completion of its acquisition of the Hyderabad-based genomic services firm BioServe India. The company caters to both research and clinical markets.
Earlier this year, the US-based firm had announced that it was buying BioServe for $1.9 million, largely through stock and other deferred considerations.
The company will become a wholly owned subsidiary of Cancer genetics and will be renamed as Cancer Genetics India (CGI). While retaining the 33 employees of its Indian entity, Cancer plans to expand and strengthen the team.
The diagnostics company plans to develop BioServe India's accredited laboratory into a center of excellence for biomarker analysis, next generation sequencing, and oncology diagnostics. It also plans to grow a pipeline of potential clients and collaborators for its non-invasive cervical cancer test, FHACT in India. Cervical cancer is the leading cause of cancer death in women in the country, accounting for 25 percent of global cervical cancer deaths.
India is recognized as a high-growth market for molecular diagnostics and oncology services.