Cancer Genetics Closes BioServe Biotechnologies (India) Deal

(RTTNews) - Cancer Genetics Inc. (CGIX) Monday said it closed the announced acquisition of BioServe Biotechnologies (India) Pvt. Ltd., a premier genomics services provider serving the research and clinical markets in India.

BioServe India, which operates out of a 14,000-square-foot, state-of-the-art genomics facility in Hyderabad, has serviced over 200 clients with best-in-class genomic services, including next-generation sequencing, genotyping and DNA synthesis.

Cancer Genetics will benefit from immediate revenue through BioServe India's long-term contracts with academic and research institutions and its capabilities in genetic research, test development and genomic analysis.

BioServe India's clients include Dr. Reddy's Laboratories, NATCO Pharmaceuticals, Piramal Life Sciences, the Indian Institute of Science Education and Research and the Centre for Cellular and Molecular Biology.

India is a high-growth market for molecular diagnostics and oncology services. More than 1 million new cases of cancer are diagnosed in the country each year, and incidence rates are expected to rise by more than 72 percent by 2025.

Additionally, according to Frost and Sullivan, healthcare spending is estimated to increase at an average annual rate of 17 percent, reaching $160 billion by 2017.