Tulip Diagnostics acquires Biosense Technologies, advised by 7i Capital Advisors
Tulip Diagnostics Private Limited acquires Biosense Technologies Private Limited, an in-vitro diagnostics company in India.
Tulip Diagnostics Private Limited (“Tulip”) has extended its presence in India’s in-vitro diagnostics (“IVD”) market through its acquisition of an India-based healthcare company Biosense Technologies Private Limited (“Biosense”).
7i Capital Advisors acted as the exclusive sell-side advisor to Biosense and all its shareholders on this transaction. Tulip Diagnostics Private Limited, has acquired Biosense Technologies Private Limited, an in-vitro diagnostics company in India, offering innovative and customer centric point-of-care technology solutions. The deal provided an exit for Private Equity investors such as Insitor, Menterra and other angel/ venture capital investors who had invested in Biosense in previous rounds.
“Tulip has established itself as a market leader in the Indian in-vitro diagnostics segment and also has a rapidly growing presence in other global emerging markets. We believe combining our product portfolio with Tulip’s established position as regional and global diagnostics provider, enables us to bring the latest technologies to our customers at an affordable cost.” said Abhishek Sen, Co-founder and CEO of Biosense.
“This acquisition will be a key milestone in the Indian IVD industry. Both Tulip and Biosense bring in complementary skill sets in terms of domain expertise and capabilities to build a strong sustainable platform in the IVD space which will be a leader in both the Indian and other emerging markets. This acquisition also further expands Tulip’s footprint in the point-of-care diagnostics market directly reaching to clinics and doctors across India,” said Mr. Manoj Patkar, Executive Director and Partner, 7i Capital Advisors.
Founded in 1988, Tulip Diagnostics is a leading provider of in-vitro diagnostic reagents, kits and instruments in India and has a footprint in 70 countries across the globe. Tulip’s solutions include products for the prevention, screening and diagnosis of infectious diseases such as malaria, HIV and hepatitis. Tulip has manufacturing facilities in two locations (Goa and Uttarakhand) and 12 branch offices to support more than 30,000 customers and 1,000 distributors in India. For more information, please visit www.tulipgroup.com
Biosense Technologies Private Limited is a new age in-vitro diagnostics company, offering innovative and customer centric point of care technology devices. Founded in 2008, It is focused on manufacturing and research and development of point of care technology devices having products like Glucometer, TouchHb and HbA1c in its portfolio. It has its facilities in Thane (Mumbai). For more information, please visit www.biosense.in