Bengaluru-headquartered integrated diagnostic services provider Manipal HealthMap, part of Manipal Hospitals Group, has acquired Hyderabad-based Medcis PathLabs in an all-cash deal.
In a statement on April 5, Manipal HealthMap said the acquisition will help expand its footprint to 19 additional centres and take the network to 60 centres across 14 states.
A Manipal Hospitals Group representative, while responding to queries related to the deal, said Manipal HealthMap has acquired an 84 percent stake in Medcis PathLabs, which had reported a revenue of Rs 70 crore last fiscal.
The acquisition will help Manipal HealthMap gain access to one of the NABL-accredited central laboratories of Medcis PathLabs and enables it to become a major integrated diagnostics services brand.
Medcis PathLabs operates through 17 labs across the southern, western and northern parts of the country. Its NABL-accreted central lab in Hyderabad caters to the molecular and cytogenetics segments, while the rest of its facilities cater to an exhaustive service for biochemistry, haematology and immunology tests.
The combined entity will also have a consolidated back-end operation of its labs at common locations of Pune, Delhi, Bengaluru and Nagpur.
“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 by advanced technology for accuracy and faster reporting,” said Manipal HealthMap’s chief executive officer Dr (Capt) Sandeep Sharma.
Dr Sharma said the deal was also in line with the company's strategy to achieve high growth in the integrated diagnostic space and gain significant market share by acquiring existing facilities and organically expand the reach and offerings.
Medcis PathLabs CEO Bharat Kumar Anagani hoped that the journey with Manipal HealthMap would help meet the ever evolving demands of pathology services across the length and breadth of the country.
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