Quest to sell its India diagnostics arm to Strand Life Sciences

Quest Diagnostics has agreed to sell off its India medical diagnostics business to Strand Life Sciences, based in Bangalore, citing a changing business model.

The financial terms were not disclosed, and the two companies aim to complete the deal by the end of the first quarter of next year.

Quest’s holdings include a 65,000-square-foot laboratory facility in Gurgaon that provides a range of services to physicians, hospitals, life insurance companies and biotech firms in the country.

“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,” Strand Life Sciences CEO Ramesh Hariharan said in a statement.

“It adds a large specialized diagnostics practice with three reference labs, 45 touch points, and leading corporate and pharmaceutical clients to our portfolio,” Hariharan said.

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Steve Rusckowski, chairman, president and CEO of Quest Diagnostics, added: “We have built a diagnostic laboratory in India with a reputation for quality over the past 10 years. 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.”