LifeCell acquires full ownership of subsidiary Fetomed Laboratories
Consolidates presence in preventive diagnostics for mother & baby
By- INN/Banglore, @Infodeaofficial
LifeCell International and premier mother & baby healthcare services provider announced its acquisition of the entire stake of Fetomed Laboratories for an undisclosed sum.
With this investment, LifeCell’s holding in its subsidiary will go up from initial 80% to 100% with the acquisition funded entirely by internal accruals. Fetomed will merge with LifeCell, which is expected to be completed before the end of the year.
Fetomed Laboratories, founded in 2013 by Dr. Sreedhar Mayavan, M.Sc., PhD and Ashiya Fathima, is a leading provider of clinical diagnostics services, offering full spectrum of prenatal tests from routine screening to advanced genetic tests for expectant mothers to check for medical conditions & abnormalities in a fetus or embryo in early stages of pregnancy.
Speaking on the merger, Mayur Abhaya, Managing Director of LifeCell said, “Acquiring the complete ownership stake in Fetomed reaffirms LifeCell’s commitment to further building on mother & baby diagnostic services that strongly complements our stem cell banking business.
India has the largest number of babies born with chromosomal disorders in the world, making it extremely critical to detect any abnormalities at an early stage.
Integration of operations supports LifeCell’s plans for growth with a vision to become largest mother & baby preventive healthcare organization”.
LifeCell forayed into the prenatal diagnostics market in 2016 by acquiring a controlling stake in Fetomed, had launched the prenatal screening test across its entire pan-India network of hospitals & birthing centers, and had witnessed rapid growth with testing volumes growing over 100% CAGR over the last 2 years. This triggered to be another major consideration to further consolidate the business through this acquisition.
With this merger Dr Sreedhar, Founder & Director of Fetomed Laboratories would be inducted into the Corporate Board of LifeCell. “I’m pleased to be a part of a new era of diagnostic services at LifeCell. Our customers will benefit from development of newer & superior technologies, innovations and improved services for prenatal & postnatal diagnostics”, Dr Sreedhar said. \