Thyrocare Technologies, based in Mumbai, has acquired the diagnostic and pathology business of Polo Labs for INR 4.26 crore in cash. A Business Transfer Agreement (BTA) has been signed between Thyrocare, Polo Labs, and its shareholders. This strategic acquisition aims to enhance Thyrocare’s diagnostic and pathological services.
The transaction is subject to a long stop period of 60 business days from the BTA execution date and the fulfillment of certain conditions precedent. Once these conditions are met, the closing is expected to occur within 30 business days of receiving the CP Completion Certificate.
Thyrocare’s company statement highlights their goal of offering more comprehensive and efficient diagnostic services by integrating Polo Labs’ advanced technology and experienced team into their operations.
Polo Labs, established in Chandigarh, Punjab, by Gurtej Singh in 2006, is relatively new to the diagnostics field. It previously acquired the pathology services of Ivy Health & Life Sciences, a prominent healthcare provider in Punjab, and currently operates hospitals in Mohali, Khanna, and Hoshiarpur, with plans to expand to Amritsar and Bathinda.
Thyrocare, founded in 1996 by A Velumani, a former Bhabha Atomic Research Centre (BARC) scientist, is one of India’s oldest diagnostic laboratories. As reported by digitalhealthnews.com, in 2021, API Holdings, the parent company of e-pharmacy PharmEasy, acquired a controlling stake in Thyrocare for INR 4,546 crore. This significant transaction marked the first instance of a startup unicorn purchasing a publicly listed legacy company in India.