Quest Diagnostics To Sell India Medical Diagnostics Biz To Strand Life Sciences

(RTTNews) - Quest Diagnostics (DGX), Friday said it agreed to sell its India medical diagnostics business to Strand Life Sciences, a Bangalore, India-based specialized diagnostics company.

The financial details of the transaction were not disclosed. The two companies aim to close the sale by the end of first quarter 2019.

"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," said Dr. Ramesh Hariharan, Chief Executive Officer, Strand Life Sciences. "It adds a large specialized diagnostics practice with 3 reference labs, 45 touch points, and leading corporate and pharmaceutical clients to our portfolio."

Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics, commented: "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."