MedGenome, a genetic diagnostics player, has acquired Prognosis Laboratories. With this acquisition, the company aims to strengthen its existing network and expand its services to a wider population base, benefiting over 11,000 clinicians in India.
It claimed it has a CAP-accredited genetic testing laboratory in India and offers the largest menu of over 1,300 high-end genetic tests across various disease categories.
MedGenome is backed by Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital, and the International Finance Corporation.
The acquisition of Prognosis Laboratories saw Wodehouse Capital act as the exclusive financial advisor, while Khaitan & Co. provided legal advisory services to the sellers during the transaction.
Established in 2013, Prognosis Laboratories, led by Smita Sadwani, Deepak Sadwani, and Mayank Madan, is a NABL-accredited, ICMR-approved, and AERB-certified lab. The company specialises in providing diagnostics, microbiology, and radiology services.
Its test catalogue includes over 700 tests in pathology, radiology, and various other domains, including Molecular diagnostics, Histopathology, Immunohistochemistry, Immunology, Biochemistry, Microbiology, and Serology, using the latest technology.
In August 2022, MedGenome raised $50 million led by Novo Holdings, with participation from existing investors LeapFrog Investments and Sofina.
