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Cancer Genetics Inc. (Nasdaq; CGIX), a DNA-based cancer diagnostics company, today closed the acquisition of BioServe Biotechnologies (India) Pvt Ltd, a genomics services provider serving research and clinical markets in India.
BioServe India, which operates out of a 14,000 sq. ft. genomics facility in Hyderabad, has serviced over 200 clients with genomics services, sequencing, genotyping and DNA synthesis.
According to a statement, CGI will benefit from immediate revenue through BioServe India’s long-term contracts with academic and research institutions and its capabilities in genetic research, test development and genomic analysis.
BioServe India’s clients include some of the leaders in the Indian life sciences industry, including Dr. Reddy’s Laboratories, Natco Pharmaceuticals, Piramal Life Sciences, the Indian Institute of Science Education and Research and the Centre for Cellular and Molecular Biology.
“We are excited to be joining Cancer Genetics,” said Venkatadri Bobba, general partner of Ventureast, and a board member at BioServe India.
Cancer diagnostics
Cancer Genetics CEO, Panna Sharma, said the acquisition places the company in a unique position to meet the growing need for genomic-based cancer diagnostics in this market.
He anticipates wide adoption of CGI’s proprietary tests for non-Hodgkins lymphomas and leukemia, kidney cancer and cervical cancer.
The expansion into India will also allow Cancer Genetics to leverage its resources and scale its operations, while strengthening its capabilities in molecular testing, DNA synthesis, biomarker analysis and generation sequencing, Sharma said.
CGI acquired BioServe India for approximately $1.9 million, largely in CGIX stock and other deferred consideration.
BioServe India will be a wholly-owned subsidiary of Cancer Genetics Inc. that will be renamed Cancer Genetics India. CGI plans to retain BioServe India’s 33 employees, and expand and strengthen the team.
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