NEW YORK (GenomeWeb) – Cancer Genetics today announced the closing of its $1.9 million acquisition of Indian genomics and next-generation sequencing services company BioServe Biotechnologies.
The deal, which is being financed primarily with Cancer Genetics stock and other deferred considerations, was originally announced in May and provides the Rutherford, NJ-based cancer diagnostics firm access to an important and growing market for molecular diagnostics and oncology services, it said.
The firm noted that India has more than 1 million new cases of cancer each year with an incidence rate anticipated to rise by more than 72 percent by 2025. In a statement, Cancer Genetics CEO Panna Sharma said that the company anticipates wide adoption of its tests for non-Hodgkin's lymphomas and leukemias, kidney cancer, and cervical cancer.
"In particular, the acquisition positions [Cancer Genetics] to revolutionize cervical cancer screening and treatment in India, where 123,000 new cases are diagnosed annually," he said. "The expansion into India will also allow [the company] to leverage its resources and scale its operations, while strengthening its capabilities in molecular testing, DNA synthesis, biomarker analysis, and next-generation sequencing."
BioServe, which is being renamed Cancer Genetics India, will operate as a wholly owned subsidiary of Cancer Genetics. It has a 14,000-square-foot facility in Hyderabad, and has provided services to more than 200 clients, including Dr. Reddy's Laboratories, Natco Pharma, Piramal Life Sciences, the Indian Institute of Science Education, and India's Centre for Cellular and Molecular Biology.
Cancer Genetics said it plans to keep all 33 BioServe employees.