INDIA –Manipal HealthMap announced the acquisition of Hyderabad-based Medcis Pathlabs Pvt Ltd in an all-cash transaction for a majority stake.
With this transaction, Manipal HealthMap expands its footprint to 19 additional centers, bringing the total to 60 centers across 14 states, bolstering its position as a major integrated diagnostic services brand.
The company is known for its cutting-edge technology, affordable access, and delivery of high-quality clinical results across all of its locations.
Manipal HealthMaps CEO Dr (Capt) Sandeep Sharma said, “We are delighted to welcome Medcis Pathlabs to the Manipal HealthMap family and bring in new advanced standards of integrated diagnostics services in the country.
This acquisition is in sync with our brand salience to serve patients across multiple states with high quality yet affordable radiology and pathology services supported with state-of-the-art technology for accuracy and faster reporting.”
He also stated that the transaction was in line with the company’s strategy of acquiring existing facilities and organically expanding its reach and offerings to achieve growth in the integrated diagnostic space and gain significant market share.
Medcis Pathlabs, headquartered in Hyderabad, currently operates 17 labs throughout the country’s southern, western, and northern regions.
The NABL-accredited central lab serves the molecular and cytogenetics segments. All other labs provide a comprehensive range of biochemistry, hematology, and immunology tests.
Bharat Kumar Anagani, CEO, Medcis Pathlabs on commented, “In this new journey with Manipal HealthMap, we are certain of meeting the growing and ever evolving demands of pathology services across the length and breadth of the country.”
The combined entity will also have a consolidated back-end operation of its labs at common locations of Pune, Delhi, Bengaluru, and Nagpur.
Manipal HealthMap stated that the acquisition is also consistent with its strategy of achieving high growth in the integrated diagnostic space and gaining significant market share through acquisitions of existing facilities and organically expanding reach and offerings.
The diagnosis industry in India witnesses a consolidation with multiple buyouts taking place in the past couple of years.
For instance, in October, Dr. Lal Path Labs (LPL) acquired Suburban Diagnostics in an all-cash deal for an enterprise value of 925 crore (US$122.4 million).
Furthermore, in June, online pharmacy startup PharmEasy acquired 66% stake in diagnostic chain Thyrocare Technologies for Rs 4,546 crore (US$600 million).
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