MedGenome, a player in genetic testing, has purchased Prognosis Laboratories. The company hopes to improve its existing network and spread its services to a larger demographic base with this acquisition, which would assist over 11,000 physicians in India.
It claimed to have the widest menu of over 1,300 high-end genetic tests across multiple illness categories and a CAP-accredited genetic testing laboratory in India.
Sequoia Capital, LeapFrog Investments, Novo Holdings, Sofina, HDFC, Emerge Ventures, Zodius Capital, and the International Finance Corporation are among the investors in MedGenome.
Wodehouse Capital served as the only financial advisor on the acquisition of Prognosis Laboratories, while Khaitan & Co. offered legal counsel during the transaction.
Prognosis Laboratories, founded in 2013, is a NABL-accredited, ICMR-approved, and AERB-certified lab run by Smita Sadwani, Deepak Sadwani, and Mayank Madan. The firm specialises in diagnostics, microbiology, and radiological services.
MedGenome raised USD 50 million in August 2022, led by Novo Holdings, with participation from current investors LeapFrog Investments and Sofina.