Metropolis Healthcare picks up 100% stake in Core Diagnostics

10 Dec 2024 , 01:32 PM

Metropolis Healthcare Ltd, a Mumbai-based medical diagnostics business, has authorized the purchase of Core Diagnostics, situated in Delhi-NCR, for ₹246.83 Crore.

This purchase will strengthen Metropolis’ capabilities in advanced cancer diagnostics, extend its foothold in northern and eastern India, and drive market share expansion in the specialist category across the nation.

Metropolis will buy a 100% share in Core Diagnostics with a mix of cash and stock, financing 55% in cash and 45% through an equity swap for ₹246.8 Crore.

Core Diagnostics reported a revenue of ₹110 Crore in FY 2023-24. The stock offering is subject to shareholder approval, and the purchase is expected to close within 60 days.

Core Diagnostics, founded in 2012, works in 200 cities across India, with a state-of-the-art NABL- and CAP-accredited laboratory in Gurugram, a regional reference lab in Hyderabad, and seven satellite labs around the country.

Core Diagnostics provides over 1,300 high-end tests, primarily for cancer, to more than 6,000 specialty prescribers, including 1,600+ top cancer experts. Over the last three years, the firm has grown its sales at a 22% CAGR and is led by a skilled staff. Core Diagnostics was previously owned by private equity corporations.

At around 12.37 PM, Metropolis Healthcare was trading 0.61% higher at ₹2,203.80 per piece, against the previous close of ₹2,190.45 on NSE. The counter rose to an intraday high of ₹2,249.50.

For feedback and suggestions, write to us at [e-mail]