Cancer Genetics acquires BioServe

Cancer Genetics, Inc, a DNA-based diagnostics company today announced an agreement to acquire BioServe Biotechnologies (India) Pvt Ltd for approximately $1.9 million. Under the terms of the agreement, BioServe India, headquartered in Hyderabad will become a subsidiary of CGI, based in New Jersey, US, and will be renamed Cancer Genetics India Pvt Ltd. CGI plans on retaining all 33 employees of BioServe India, and further expanding and strengthening the sales and clinical teams. CGI is focused on developing genomic-based oncology tests and services. The acquisition will primarily be in CGIX stock and other deferred consideration. The transaction is expected to close during the third quarter of 2014, a press release said. Our Bureau