The acquisition will enhance Metropolis’ capabilities in advanced cancer testing while deepening its presence in northern and eastern India

Mumbai-based medical diagnostics company Metropolis Healthcare said its board of directors has approved the acquisition of Delhi-NCR-headquartered Core Diagnostics for Rs 246.83 crore.

According to a report in CNBC TV 18, the acquisition will enhance Metropolis’ capabilities in advanced cancer testing while deepening its presence in northern and eastern India and driving market share expansion in the specialised segment across the country.

Metropolis will acquire a 100 per cent stake in Core Diagnostics through a combination of cash and stock, financing 55 per cent of the transaction in cash and 45 per cent through an equity swap, totalling Rs 246.8 crore.

Ameera Shah, Promoter and Executive Chairperson,  Metropolis Healthcare, said, "We recognise the significant potential the rapidly-growing Indian oncology (cancer) market, which is expected to expand at a CAGR of 17.5% from 2023 to 2028. This growth, driven by rising cancer incidences, technological advancements, improved healthcare access, and increased awareness, presents a substantial opportunity for Metropolis to truly support the Indian patients with access to world-class diagnostics."

Dinesh Chauhan, CEO, Core  Diagnostics, said, "This new chapter with the Metropolis family is both exciting and deeply meaningful. Core Diagnostics began in 2012 as Zoya Brar's visionary dream and as a team, we’ve built a foundation of hope in advanced cancer testing."