Nasdaq Listed CGI Acquires BioServe India in a $1.9 mn Deal

bioserveNasdaq listed Cancer Genetics, Inc has acquired Hyderabad headquartered BioServe Biotechnologies for $1.9 mn in stock and other deferred consideration. The transaction is expected to close in the 3rd quarter of 2014, the company said.

BioServe will now be a subsidary of CGI and renamed as CGI India Private Limited. The company, which operates a 14,000 sq ft genomics facility in Hyderabad, will retain all of its 33 employees.

Venture capital firm Ventureast will exit the company after the deal. BioServe India provides genomics services and manufactures molecular kits for research and clinical markets.

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