The acquisition will also provide an exit to private equity investors in Biosense such as Insitor and Menterra, and other angel and venture capital investors in the company, Tulip said in a statement.
Mumbai-based 7i Capital Advisors acted as the exclusive sell-side advisor to Biosense and all its shareholders on the transaction.
Abhishek Sen, co-founder and chief executive officer at Biosense, said the move would allow the two companies to combine their product portfolio and allow its customers to access the latest technologies in the in-vitro diagnostics segment at an affordable cost.
“This acquisition also further expands Tulip’s footprint in the point-of-care diagnostics market directly reaching to clinics and doctors across India,” 7i Capital Advisors executive director and partner Manoj Patkar added.
Biosense, which was founded in 2008, produces innovative and customer-centric point-of-care technological devices. Its products include the SYNC Glucometer; Uchek, a smartphone-based portable diagnostics system; A1 Chek, a smart HbA1C (Haemoglobin A1C) meter; and the Remote Diagnostic Kit.
In March 2013, Biosense secured $500,000 in funding from GSF India, a startup accelerator programme launched by former Reliance Entertainment president and GSF Superangels founder Rajesh Sawhney, and Insitor Fund, a social venture capital fund focused on early-stage social enterprises in Asia.
The Sawhney-promoted GSF also put in $150,000 in the company in March 2012. Biosense’s facilities are located in Maharashtra’s Thane.
Goa-based Tulip, which was founded in 1988, has a footprint in at least 70 countries. Its services include products for the screening, diagnosis, and prevention of infectious diseases such as malaria, HIV, and hepatitis. It has manufacturing facilities in Goa and Uttarakhand and also has 12 branch offices that interact with more than 30,000 customers and 1,000 distributors.
In January 2017, the US-based clinical diagnostics major PerkinElmer Inc. acquired Tulip for an undisclosed amount. At the time, a PerkinElmer executive said the acquisition was in line with the company’s commitment to bringing advanced healthcare solutions to India while continuing to expand its global footprint.
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