Sterling Accuris Wellness Pvt. Ltd, a diagnostics lab chain backed by private equity firm Morgan Stanley Private Equity Asia, has acquired Vaibhav Analytical Services in its third acquisition of the year.
The company did not disclose the deal size or the valuation of Ahmedabad-based Vaibhav Analytical, which is a provider of analytical testing services, including pharmaceutical testing.
With this acquisition, Sterling Accuris has expanded its range of services offered to fields such as pharmaceutical analytical testing, the company said in a statement.
Founded in 1999, Vaibhav Analytical is a service provider to the pharmaceutical industries and has expertise in pharmaceutical analysis, a critical aspect of drug development and manufacturing. It operates its laboratory in Ahmedabad and services clients from across India.
"This strategic move aligns with our commitment to advance healthcare through innovation and excellence in diagnostics and analytical testing services. Analytical testing assists biotech, food, environmental, and pharmaceutical companies that provide products to consumers for safety assurance and quality control, and we want to actively collaborate with them for all their testing needs,” said Rajiv Sharma, managing director of Sterling Accuris Diagnostics.
Founded in 2015, Sterling Accuris Diagnostics has more than 250 collection centres and around 65 laboratories. It offers more than 2,000 different kinds of tests.
In 2021, Sterling Accuris raised $34 million from Morgan Stanley Private Equity Asia in a bid to penetrate deeper into markets and enter new geographies. Earlier in 2023, the company acquired Ahmedabad-based VPL Diagnostic and VIP Labs.
Sterling Accuris isn’t the only player in India’s preventive healthcare and diagnostics segment which is making a string of acquisitions to expand its offerings and market presence as several other firms have also made consolidation moves.
For instance, MedGenome has bought a couple of companies over the past year while SRL Diagnostics acquired a pathology lab in Delhi in April. Further, Redcliffe Lifetech Pvt. Ltd bought a diagnostic lab chain in March.