In the latest example of companies using the pandemic to strengthen their offerings, healthcare solutions provider GenWorks Health Pvt Ltd has acquired the in-vitro unit of a Mumbai-based healthcare firm.

The acquisition of Iris Healthcare Technologies Pvt Ltd’s unit has taken place on a slump sale basis, Bengaluru-based GenWorks said.

While it did not disclose the amount for which this unit has been acquired, the company said it has committed $5 million (approximately Rs 36.95 crore at current exchange rates) towards its growth.

The move will help the firm consolidate its presence in the in-vitro diagnostics segment.

Chennai-based mid-market investment bank Veda Corporate Advisors acted as the exclusive adviser on this transaction.

“The acquisition complements and accelerates the business of GenWorks, poised to be a Rs 100 crore plus business in this segment,” GenWorks founder MD and CEO Ganesh Prasad said.

“Covid-19 has accelerated the reliance on diagnostics and testing and the vertical is a high growth area aligned with GenWorks’ goal of providing early and affordable screening,” he added.

Iris Healthcare, set up in 2008, provides solutions in segments including instruments, reagents, and quality control products.

This development comes barely eight months after VCCircle exclusively reported that GenWorks had secured fresh capital from new investors, including a marquee United States-based entity. Other investors in the company include Somerset Indus Capital Partners.

GenWorks was seeded by US conglomerate GE Healthcare, with which its founder S Ganesh Prasad was associated for 18 years.

It is the sole distributor of GE Healthcare products in around 450 districts consisting of Tier-II, Tier-III, and Tier-IV regions. The company says it aims to improve the reach and quality of healthcare by providing access to affordable and cutting-edge technology, specialist expertise, services, and financing.