<article>Private equity firm Quadria Capital-backed Strand Life Sciences is acquiring US firm Quest Diagnostics&#8217; medical diagnostics business in India for an undisclosed amount, according to an announcement.</article>

Private equity firm Quadria Capital-backed Strand Life Sciences is acquiring US firm Quest Diagnostics&#8217; medical diagnostics business in India for an undisclosed amount, according to an announcement.
&#8220;This acquisition is an important addition to our network of 24 diagnostic labs across India, especially as we continue to expand our work in oncology, genomics, and precision medicine,&#8221; Dr Ramesh Hariharan, CEO of Strand Life Sciences said. &#8220;It adds a large specialized diagnostics practice with 3 reference labs, 45 touch points, and leading corporate and pharmaceutical clients to our portfolio,&#8221; he added.
Quest operates a 65,000-square feet laboratory facility in Gurugram, which provides diagnostics services for diseases including cancer and infectious diseases like chikungunya. The two companies will work together to manage the transition, and aim to close the sale by the end of the first quarter of 2019, Quest Diagnostics said in a statement on Friday.
Other terms of the transaction were not disclosed.
Steve Rusckowski, chairman, president and CEO, Quest Diagnostics, said: &#8220;As our business model has evolved, we believe Strand Life Sciences is well positioned to continue the important work of empowering the people of India to improve their health with diagnostic insights.&#8221;
Quest claims to annually serve one in three adult Americans and half the physicians and hospitals in the United States. The company has an employee base of 45,000 people.
Strand Life Sciences, a Bangalore-based specialized diagnostics company, was founded in 2000 and provides various diagnostics services covering oncology, genetics, fertility, women&#8217;s health, infectious diseases and general wellness. The company raised funds from healthcare-focused private equity firm Quadria Capital in February this year.
Quadria&#8217;s other investments in India include multispecialty hospital chain Medica Synergie, single-specialty hospital Asian Institute of Gastroenterology, pharmaceuticals firm Concord Biotech, and Health Care At Home India Pvt. Ltd.

Quest operates a 65,000 square feet laboratory facility in Gurugram, which provides diagnostics services for several diseases including cancer and infectious diseases like chikungunya.

Quadria-backed Strand Life to acquire Quest Diagnostics' India business

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Quadria-backed Strand Life to acquire Quest Diagnostics' India business

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