NEW YORK (GenomeWeb News) — Medical Solutions plans to buy Geneservice for ₤3.9 million ($7.6 million), Medical Solutions said in a statement on Thursday.
Geneservice, a 2005 spinout of the UK’s Medical Research Council, provides genomics services, such as qPCR, to academic and corporate clients.
Medical Solutions said it is looking to expand its diagnostic and prognostic tests, and said it believes qPCR will be “the favored technology” for many diagnostics in five to 10 years.
Medical Solutions said it stands to benefit through “direct access to the technologies and expertise which Geneservice provides,” and Geneservice will “gain clinical expertise and credibility in the healthcare and pharmaceutical communities.”
The company said it is still working out the details on moving Geneservice from Cambridge to Nottingham, UK. Geneservice has a staff of 35 at its Cambridge facility.
Medical Solutions said Geneservice’s revenue for the 11-month period ended Feb. 28 was ₤2.4 million, an increase of 35 percent year-over-year.