PE backed Medgenome acquires Prognosis Laboratories
South Asia’s largest genetic diagnostics player, MedGenome, acquires NCR’s highly reputed Prognosis Laboratories. Backed by Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital and International Finance Corporation, MedGenome continues to revolutionize the healthcare space with its path-breaking genomics solutions.
image for illustrative purpose
Mumbai, May 27 South Asia’s largest genetic diagnostics player, MedGenome, acquires NCR’s highly reputed Prognosis Laboratories. Backed by Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital and International Finance Corporation, MedGenome continues to revolutionize the healthcare space with its path-breaking genomics solutions.
Wodehouse Capital was the exclusive financial advisor to Prognosis Laboratories and adds yet another transaction in the “Diagnostic” vertical of its Healthcare practice. They were assisted by Khaitan & Co as the legal advisor to the sellers.
With its CAP-accredited genetic testing laboratory in India, and the largest menu of over 1,300 high-end genetic tests across various diseases categories, MedGenome is the trusted partner for over 11,000 clinicians in India. This partnership will strengthen MedGenome’s existing network to cater to a wider population base.
Prognosis Laboratories, established in 2013 is led by Dr Smita Sadwani, Dr Deepak Sadwani and Mr. Mayank Madan. A NABL accredited, ICMR approved and AERB-Certified lab, provides diagnostics, microbiology and radiology services. The company has a test catalogue of 700+ tests spread across pathology, radiology with a specialization in Molecular diagnostics, Histopathology, Immunohistochemistry, Immunology, Biochemistry, Microbiology and Serology using latest technology. Dr Deepak Sadwani, Partner, Prognosis Laboratories believes this strategic partnership would accelerate the next phase of growth & expansion for the overall business.
Mayank Madan, Partner, Prognosis Laboratories is elated that their brand provides complimenting services which are a natural fit for MedGenome’s business. He states that “under MedGenome’s management, Prognosis shall have a wider market reach and recall in an otherwise crowded segment.”
Manmohan Tiwana, Managing Director & CEO - Wodehouse Capital believes this acquisition by MedGenome is completely in line with their stated objective of democratising the access of quality and affordable genetic solutions. Prognosis’s clients will now have access to genetic testing and a wide range of industry-first genetic tests like Rhesus
D, ThyroTrack, SPITal-SEQ, NIPT and many more for detection and
diagnosis of complex diseases.
