Genetic Diagnostics Firm MedGenome Acquires Prognosis Laboratories
MedGenome, a genetic diagnostics firm, has acquired Prognosis Laboratories.
With this acquisition deal, MedGenome aims to strengthen its existing network and expand its services to a wider population base, benefiting over 11,000 clinicians in India.
MedGenome Acquires Prognosis Laboratories
MedGenome is a genomics-driven research and diagnostics firm working with a mission to improve global health by decoding the genetic information contained in an individual’s genome.
Backed by several renowned VC firms like Sequoia Capital, LeapFrog Investments, Zodius Capital and Novo Holdings, MedGenome claims to be the only CAP accredited Genetic testing lab in India that offers 1300+ genetic tests backed by the best and the latest testing technologies available across the world.
Its powerful genomics solutions accelerate biomarker identification and discovery research for pharma and biotech companies. In August 2022, MedGenome raised $50 million in funding led by Novo Holdings, with participation from existing investors LeapFrog Investments and Sofina.
Led by Smita Sadwani, Deepak Sadwani, and Mayank Madan, Prognosis Laboratories is a NABL-accredited, ICMR-approved, and AERB-certified lab that specialises in providing diagnostics, microbiology, and radiology services.
Its test catalogue includes over 700 tests in pathology, radiology, and various other domains, including Histopathology, Immunohistochemistry, Molecular diagnostics, Immunology, Biochemistry, Microbiology, and Serology, using the latest technology.
For the acquisition of Prognosis Laboratories, Wodehouse Capital served as the only financial advisor, while Khaitan & Co. offered legal counsel during the transaction.
As per a report, the healthcare SaaS segment is estimated to become a $3.5 Bn market opportunity by 2025. In March this year, Reveal HealthTech, a healthtech SaaS platform, raised $4 million in seed funding from W Health Ventures.
A week before this, HealthPlix Technologies Pvt Ltd, which runs an artificial intelligence-based medical records platform, raised $22 million (around Rs 181 crore) in its Series C funding round.
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