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Novartis Completes Sale of Genoptix Lab Business

NEW YORK (GenomeWeb) – Private investment firms Ampersand Capital Partners and 1315 Capital said today that they have closed their acquisition of Genoptix, the commercial laboratory subsidiary of Novartis.

Genoptix provides hematology and solid tumor molecular profiling to oncologists and pathologists, and offers clinical trial services such as assay and companion diagnostic development to biopharmaceutical partners. Novartis acquired the company in 2011 for $470 million.

In January, Ampersand and 1315 announced that they had partnered with a management group led by former Prometheus Laboratories CEO Joseph Limber to buy Genoptix's lab business for an undisclosed price. With the deal now completed, Limber will assume the role of Genoptix CEO, with former Prometheus CFO Mark Spring coming on as CFO. Juan Estruch, who served as head of business development at Prometheus, will join Genoptix as head of corporate development.

Novartis retains Genoptix's biopharma business, which will be renamed Navigate BioPharma Services.

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