Bengaluru-based diagnostic service provider Manipal HealthMap has acquired a 100 per cent stake in Hyderabad-based Medcis PathLabs.
This acquisition follows their initial purchase of an 84 per cent stake in Medcis PathLabs for ₹ 100 crore in an all-cash transaction in April 2022. In this latest transaction, they have acquired the remaining 16 per cent stake.
Expansion
Operating under the Manipal TRUtest parent brand, Manipal HealthMap is expanding its presence with the addition of 23 new centres, bringing their total to over 100 centres spread across 16 States. This move further solidifies its position as a significant player in the integrated diagnostic services sector, said the company.
Meawhile, Medcis PathLabs has 23 laboratories nationwide, with its central laboratory located in Hyderabad, holding NABL accreditation and specializing in molecular, cytogenetics, histopathology and microbiology. The remaining labs offer comprehensive services encompassing biochemistry, haematology and immunology tests.
“We are delighted with the acquisition of Medcis PathLabs into our family and with this acquisition, we’re making giant strides to provide world-class diagnostic services. We will now serve over 50 lakh satisfied customers across 16 States with this acquisition,” said Dr (Capt.) Sandeep Sharma, CEO, Manipal HealthMap.
Further, Dr Sharma also confirmed that Dr Bharat Kumar Anagani, CEO of Medcis PathLabs, will continue to play a pivotal role in ensuring the seamless integration of Medcis PathLabs into the Manipal HealthMap.
The combined entity will also have a consolidated back-end operation of its labs at common locations in Pune, Delhi-NCR, Bengaluru, Kolhapur and Nagpur.
In addition, Manipal HealthMap is in the advanced stages of regulatory approval for a merger with iGenetic Diagnostic.