Quest Diagnostics has agreed to sell its Indiamedical diagnostics business to Strand Life Sciences, a Bangalore-based specialized diagnostics company.

This acquisition is an important addition to our network of 24 diagnostic labs across India, especially as we continue to expand our work in oncology, genomics, and precision medicine," said Dr. Ramesh Hariharan, Chief Executive Officer, Strand Life Sciences. "It adds a large specialized diagnostics practice with 3 reference labs, 45 touch points, and leading corporate and pharmaceutical clients to our portfolio."

Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics, commented: "We have built a diagnostic laboratory in India with a reputation for quality over the past 10 years. As our business model has evolved, we believe Strand Life Sciences is well positioned to continue the important work of empowering the people of India to improve their health with diagnostic insights." The two companies will work together to manage the transition, and aim to close the sale by the end of first quarter 2019. Terms of this transaction were not disclosed.