BioServe Biotechnologies (India), Cancer Genetics deal
Cancer Genetics will acquire genomic services provider BioServe for about $1.9 million in stock and cash. Cancer Genetics said it will pay about $250,000 in cash and the stock is valued at about $1.7 million. Cancer Genetics will also assume $150,000 in BioServe debt. Cancer Genetics said the deal will provides access to the Indian market and an infrastructure for developing lower cost manufacturing of probes and kits. BioServe Biotechnologies will become a Cancer Genetics subsidiary and be renamed Cancer Genetics India Pvt. Ltd. Cancer Genetics will retain all 33 BioServe employees. BioServe's founder and president, Rama Modali, will serve as Cancer Genetics' VP and general manager for India. The deal is expected to close next quarter. ...