US Company Cancer Genetics Inc buys India's genomics firm BioServe
- The Economic Times" target="_blank">The Economic Times
- May 16, 2014
Bengaluru: US-based life sciences company Cancer Genetics has acquired Hyderabad's genomics services provider BioServe India for $1.9 million (Rs 11 crore).
The firm provides genomics services like next-generation sequencing genotyping and DNA synthesis for customers such as Dr Reddy's Laboratory, Indian Institute of Science.
Education & Research and the Centre for Cellular and Molecular Biology.
"With BioServe, we will become better positioned to increase our global presence in personalised cancer care," said Panna Sharma, chief executive of Cancer Genetics (CGI).
It provides DNA-based cancer diagnostics that personalises the clinical management of difficult-to-diagnose cancers.
"We will further improve outcomes and lower costs for cancer patients," said Sharma whose firm has research collaborations with cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and National Cancer Institute.
CGI plans to retain all the 33 employees of BioServe and further expand and strengthen the sales and clinical teams in India.
"It's a proud moment for us," said Rama Modali, founder of BioServe.
Next-generation genomics is one of 12 disruptive technologies with potential to deliver economic value of up to $33 trillion a year worldwide by 2025, according to McKinsey Global Institute.
Startups entering the space are drawn by growing demand from consumers for such services.
In the past two years, at least half a dozen ventures, such as NutraGene, InterpretOmics and Xcode Life Sciences, have been set up.
These companies offer a range of personal genomic services that predict diseases and pinpoint the right medicine for an individual.
"We are happy to see that a biotechnology company we nurtured from its early stages is graduating to the next level," said Venkatadri Bobba, general partner at Ventureast, an investor in BioServe.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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