Ventureast exits India's Bioserve to Cancer Genetics

According to a release, after the acquisition BioServe will become a subsidiary of Cancer Genetics and be renamed as Cancer Genetics India. Cancer Genetics will retain all 33 employees of its new subsidiary and use it as a platform to expand its India operations. The deal, which is subject to regulatory approval, is expected to close during the third quarter.

Founded in 2002 and based in Hyderabad, BioServe is a genomics services provider and molecular kit manufacturer serving both the research and clinical markets. By using the company's services, researchers are able to identify genetic markers, validate drug targets and bring together clinical and molecular data to aid the development of new drugs.

Cancer Genetics claims to be an emerging leader in DNA-based cancer diagnostics. It has collaborated on research with cancer centers such as Memorial Sloan-Kettering, The Cleveland Clinic, Mayo Clinic and the National Cancer Institute.

According to AVCJ Research, Ventureast previously invested INR10 million (then around $21,000) in the company in 2003 through its Biotechnology Venture Fund, a INR1.5 billion vehicle launched the same year.

"We share the belief that genomic services, next-generation sequencing and personalized diagnostics have tremendous potential in the country and can grow multi-fold in the coming years," said Venkatadri Bobba, general partner at Ventureast.

The VC firm's other investments include pharmaceutical products distributor Evolva Biotech, healthcare services company Cecilia Healthcare, novel therapeutics for cancer treatment manufacturer Marillion Pharma and organic products retailer Sresta Natural.

 

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• Topics
• South Asia
• Venture
• Exits
• Healthcare
• Early-stage
• Exit
• Ventureast
• India
• healthcare
• Trade sale