Italian diagnostics company DiaSorin Group will partner with Indian medical technology giant Trivitron Healthcare in a bid to grab a piece of India's surging in vitro diagnostics market.
Neither side is disclosing financial terms. But the arrangement calls for the formation of a limited liability company, dubbed DiaSorin Trivitron Healthcare Private Limited, which will sell in vitro diagnostics products for both companies and be based out of Chennai. DiaSorin will hold a 51% stake and Trivitron will hold onto 49%.
Trivitron itself is drawing attention from all kinds of places. Medtronic is reportedly negotiating for a possible stake in the company, according to reports, with Trivitron rumored to be moving into device manufacturing.
Estimates place the Indian IVD market at €400 million (more than $494 million), with 15% annual growth. The partnership makes sense, too. Device and diagnostics companies have long been told that they can make better progress in India--the world's second fastest growing IVD market after China, according to estimates--by joining forces with a local partner.
Trivitron is among the three largest Indian medical device companies and has a large presence in in vitro diagnostics based on other multinational-company partnerships. DiaSorin sells in vitro diagnostics equipment and tests, according to Reuters. And the combined partnership hopes to take the lead in the Indian IVD market within three years.