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Pathology laboratory chain Sterling Accuris Diagnostics on Wednesday announced the acquisition of Ahmedabad-based pathology services provider VIP Labs.
The company did not disclose the deal size or the valuation of VIP Labs.
Founded in 2015, Sterling Accuris Diagnostics has a chain of NABL-accredited pathology laboratories with 65 Labs and 220 collection centres. Whereas, VIP Labs was set up almost two decades ago with a strong presence 24x7 across multiple locations in Ahmedabad. VIP Labs has NABL certification, is accredited for ISO 9001:2015, and is certified by Bio-Rad USA, AIIMS New Delhi, and CMC Vellore for External Quality Control.
Speaking to businessline, Rajiv Sharma, MD of Sterling Accuris Diagnostics informed that the acquisition would allow the company to penetrate into areas where it doesn’t have presence and expand its offerings to a larger base of customers. “We are doing tests for an average of more than 6000 patients daily. After a complete expansion post this acquisition we expect to do more than 7000 patients across our geographies.”
Sterling is a strong player in Gujarat, but it also has its presence in Rajasthan (Jodhpur) and Madhya Pradesh with labs in Indore and Ratlam. “This is an area we want to expand. We also have a presence in NCR by having a lab in Delhi,” said Sharma.
The acquisition is seen as a strategic move that will further strengthen Sterling Accuris Diagnostics’ robust and influential presence in the diagnostics industry of Gujarat.
Ankush Gupta, CEO of Sterling Accuris Diagnostics, said, “This acquisition provides an exceptional opportunity for both companies to mutually leverage their strengths. Patrons of VIP labs will benefit from access to a high-end test menu offered by Sterling Accuris, encompassing Immunohistochemistry, Molecular testing, and Genetic testing. VIP Labs has a unique annual subscription-based model for its patrons, which will help Sterling Accuris strengthen its presence in the direct-to-patients segment.”
Commenting on the development, Mehul Dave of VIP Labs stated it would empower the company to “enhance our service offerings and reach a wider customer base. We firmly believe that this collaboration will foster innovation and excellence in the company.”
Morgan Stanley Private Equity Asia is an investor in Sterling Accuris Wellness Private Limited.
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