In-vitro diagnostic (IVD) products manufacturer, CPC Diagnostics Pvt Ltd has acquired the i-chroma brand business of South Korea-based company, Boditech Med Inc from Weldon Biotech India Pvt. Ltd for an undisclosed amount.
An i-chroma is a compact diagnostic immuno-analyser to measure the presence of various biomarkers for cardiac, cancer, hormonal, infectious diseases, autoimmune diseases, and metabolic diseases.
The acquisition will pave the way for CPC Diagnostics into the growing point-of-care testing (POCT) business in India, a statement said.
As part of the transaction, CPC Diagnostics will take over the distribution rights of i-chroma brand of products manufactured by Boditech Med Inc.
Private equity firm, Everstone Capital’s pan-Asian healthcare platform Everlife, which was launched in 2017 had made a strategic investment in CPC Diagnostics in 2019, its first investment in India.
Last year, Everlife also invested in the Series A funding round of biotech startup AUM Biosciences.
The latest transaction follows an agreement between Everlife and Boditech to introduce a brand by the latter namely EZ-POC, in India and Malaysia.
Pramod Kabra, CEO of CPC Diagnostics, said that the Weldon Biotech team helped lay the groundwork for the i-chroma brand in India and it aims to build on that success.
Investment bank 7i Capital Advisors acted as the exclusive sell-side adviser to Weldon Biotech on this transaction.
“I strongly believe that this acquisition will be one more example of Everlife’s successful inorganic growth strategy across Southeast Asia and India of building businesses through addition of complementary portfolios," said Manoj Patkar, Executive Director and Partner of 7i Capital Advisors.
Founded in 1987, Chennai-based CPC Diagnostics manufactures and markets in-vitro diagnostic products.
The company currently has a presence in India, Bangladesh, Sri Lanka and Nepal. In 2011, it had formed JEEV Diagnostics, a joint venture with US-based Awareness Technology to manufacture high-performance chemistry reagents in India.
