LifeCell acquires 100% ownership stake in subsidiary Fetomed Laboratories
~ Consolidates presence in preventive diagnostics for mother & baby healthcare ~
Chennai, 1st August, 2018:
LifeCell International India’s largest stem cell bank and premier mother & baby healthcare services provider today announced that it is acquiring the entire stake of Fetomed Laboratories for an undisclosed sum. With this investment LifeCell’s holding in its subsidiary will go up from initial 80% to 100%. This acquisition has been funded entirely by internal accruals. Consequent to this, Fetomed will undergo a merger with LifeCell, which is expected to be completed before the end of the year.
Fetomed Laboratories, founded in 2013 by Dr. Sreedhar Mayavan, M.Sc., PhD and Ashiya Fathima, is a leading provider of clinical diagnostics services, offering full spectrum of prenatal tests from routine screening to advanced genetic tests for expectant mothers to check for medical conditions & abnormalities in a fetus or embryo in early stages of pregnancy.
Commenting on this acquisition Mr Mayur Abhaya, Managing Director of LifeCell said, “Acquiring the complete ownership stake in Fetomed reaffirms LifeCell’s commitment to further building on mother & baby diagnostic services that strongly complements our stem cell banking business. India has the largest number of babies born with chromosomal disorders in the world, making it extremely critical to detect any abnormalities at an early stage. Integration of operations supports LifeCell’s plans for growth with a vision to become largest mother & baby preventive healthcare organisation”.
LifeCell forayed into the prenatal diagnostics market in 2016 by acquiring a controlling stake in Fetomed and had launched the prenatal screening test across its entire pan-India network of hospitals & birthing centers and had witnessed rapid growth with testing volumes growing over 100% CAGR over the last 2 years. This triggered to be another major consideration to further consolidate the business through this acquisition.
With this merger Dr Sreedhar, Founder & Director of Fetomed Laboratories would be inducted into the Corporate Board of LifeCell. He said, “I’m pleased to be a part of a new era of diagnostic services at LifeCell. Our customers will benefit from development of newer & superior technologies, innovations and improved services for prenatal & postnatal diagnostics”.
LifeCell is also working towards consolidation of its business divisions for a better nexus between them and the formal brand and divisional architecture is expected to be announced soon.
LifeCell, established in 2004, is India’s leading provider of preventive healthcare services for mother & baby wellness and healthcare solutions such as stem cell banking and diagnostic services. With facilities at Chennai & Gurgaon and a network spanning over 200 cities in India and abroad, over 3,00,000 lakh parents have trusted LifeCell for its services.
LifeCell's umbilical cord stem cell banking, a community-based approach towards stem cell access, is a global first initiative that aims to provide families in India better future access to stem cells than even currently possible in advanced countries such as the US.
As a comprehensive provider of preventive & diagnostic healthcare services, LifeCell presents a complete panel of pre & post-natal diagnostic tests including maternal infectious diseases test, prenatal screening and newborn screening. Through these services, LifeCell, aims to provide complete wellness for the mother & baby ensuring healthy pregnancy and healthy newborns.