Cancer Genetics buys BioServe India, VenturEast exits

Nasdaq listed Cancer Genetics, a company engaged in DNA-based cancer diagnostics, has acquired Hyderabad based BioServe Biotechnologies for approximately $1.9 million. Under the terms of the agreement, BioServe India will become a subsidiary of Cancer Genetics and will be renamed Cancer Genetics India. The transaction is expected to close during the third quarter of 2014 and is subject to customary closing conditions and government approvals in India, said a statement.

The acquisition creates an exit for Hyderabad and Chennai based early stage investor Ventureast.

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