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Thyrocare Acquires Polo Labs' Diagnostic & Pathology Biz for INR 4.26 Cr

Written by : Aishwarya Sarthe

July 4, 2024

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Provided all conditions are satisfied, the closing is expected to occur within 30 business days of receiving the CP Completion Certificate

Mumbai-based Thyrocare Technologies has acquired Polo Labs' diagnostic and pathology business for a cash consideration of INR 4.26 Cr. 

The company entered a Business Transfer Agreement (BTA) with Polo Labs and its existing shareholders. This strategic move aims to expand Thyrocare's diagnostic and pathological services.

Furthermore, the completion of this acquisition is subject to a long stop of 60 business days from the execution date of the BTA and the fulfillment of the conditions precedent. 

Provided all conditions are satisfied, the closing is expected to occur within 30 business days of receiving the CP Completion Certificate.

“By integrating Polo Labs' advanced technology and experienced team into our operations, we aim to provide more comprehensive and efficient diagnostic services to our customers," mentioned in the company statement. 

Established in 2006 in Chandigarh, Punjab, by Gurtej Singh, Polo Labs is a new entrant in the diagnostics field. 

The company has earlier acquired the pathology services of Ivy Health & Life Sciences, a leading healthcare provider in Punjab. It currently serves three operational hospitals in Mohali, Khanna, and Hoshiarpur, with plans to expand to Amritsar and Bathinda. 

Founded in 1996 by A Velumani, a former scientist at Bhabha Atomic Research Centre (BARC), Thyrocare claims to be one of the country’s oldest diagnostic laboratories.

In 2021, API Holdings, the parent company of e-pharmacy PharmEasy, acquired a controlling stake in Thyrocare with INR 4,546 Cr. This landmark transaction marked API Holdings as the first startup unicorn to purchase a publicly listed legacy company, Thyrocare, in India.

Recent Acquisitions & Market Expansion

Earlier in February 2024, Thyrocare, backed by PharmEasy, acquired a 100% stake in Chennai-based Think Health Diagnostics to provide home electrocardiogram (ECG) services. The financial details of this deal were not disclosed. Thyrocare entered a share purchase agreement with Think Health Diagnostics and its existing shareholders on February 1, 2024. 

Following the announcement, Thyrocare’s stock slightly declined, shedding 0.18% to trade at INR 648 on the BSE.

Earlier, Reliance Retail Ventures, a subsidiary of Mukesh Ambani's Reliance Industries Limited (RIL), was in talks to acquire a majority stake in a pure-play diagnostic services company. The acquisition is expected to be in the range of INR 1000-3000 Cr as the conglomerate seeks to tap into the lucrative $150 billion diagnostic healthcare market.


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