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Novartis to Sell Genoptix Lab Business to Investment Group

NEW YORK (GenomeWeb) – Private investment firms Ampersand Capital Partners and 1315 Capital announced today that they have partnered with a management group to acquire the commercial laboratory of Novartis subsidiary Genoptix.

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

Following the close of the deal, which is expected in the first quarter, the former CEO of Prometheus Laboratories, Joseph Limber, will assume the CEO role at Genoptix. Former Prometheus CFO Mark Spring will also join Genoptix as CFO. Prometheus was acquired by Nestle Health Science in 2011.

Novartis will retain Genoptix's biopharma business, which will be renamed Navigate BioPharma Services. Further terms of the transaction were not disclosed.

"As a leading diagnostics solutions provider in the hematopathology industry, Genoptix has developed an impressive suite of services and solutions that empower clinicians to make more informed decisions and provide better patient care," Limber said in a statement. "We're excited to begin working with the committed employees at Genoptix to drive further growth and customer satisfaction."