Metropolis Healthcare to acquire Core Diagnostics for Rs 247 cr

Metropolis Healthcare to acquire Core Diagnostics for Rs 247 cr

Diagnostic chain Metropolis Healthcare on Monday said it will acquire Core Diagnostics for Rs 247 crore.

The company's board has approved the acquisition of 100 per cent stake in Core Diagnostics from its existing shareholder Core Diagnostics (Mauritius) Pvt Ltd, Metropolis Healthcare said in a regulatory filing.

Pursuant to the completion of acquisition, Core Diagnostics will become a wholly owned subsidiary of the company, it added.

Core Diagnostics, founded in 2012 by Zoya Brar, operates in over 200 cities in India, offering more than 1,300 high-end tests.

Its NABL- and CAP-accredited laboratory in Gurugram, regional reference lab in Hyderabad, and seven satellite labs provide cutting-edge cancer diagnostics to over 6,000 prescribers, including 1,600 leading oncologists, the company said in a statement.

In 2020, Zoya stepped down as CEO and transitioned to North America, where she now serves as COO of Eli Health, a Canadian startup revolutionizing women’s health diagnostics. Her journey reflects her commitment to advancing healthcare innovation globally.

Core Diagnostics, under Zoya Brar’s leadership, achieved a 22 percent revenue CAGR over the past three years, cementing its position in India’s specialized diagnostics sector. Dinesh Chauhan, CEO of Core Diagnostics, expresing confidence about the merger said.

"This strategic acquisition will enhance Metropolis Healthcare's advanced cancer testing capabilities and strengthen its footprint in northern and eastern India," the diagnostic chain said.

By leveraging Core Diagnostics' strong relationships with leading cancer specialists and hospitals in these regions, Metropolis aims to expand its market reach and specialised testing offerings, it added.

"With approximately 1.4 million new cancer cases and nearly a million deaths annually in India, there is a critical need for advanced cancer testing nationwide. By integrating Core's expertise and infrastructure with Metropolis' established strengths, we aim to reinforce our leadership in advanced cancer testing," Metropolis Healthcare Promoter and Executive Chairperson Ameera Shah said.

Founded in 2012, Core Diagnostics operates in 200 cities in India.

"With Metropolis' reach and expertise, we are ready to take a bigger leap, touching more lives and making a lasting difference in healthcare," Core Diagnostics CEO Dinesh Chauhan said.

Metropolis Healthcare shares on Monday ended 2.39 per cent up at Rs 2,187 apiece on BSE.

(With Inputs from PTI)