PHC Group completed the acquisition of a majority stake in SciMed (Asia).

PHC Group, a global healthcare company, completed the acquisition of a majority stake in SciMed (Asia), a provider of products and services for biomedical, life sciences, healthcare, drug discovery, pharmaceutical, laboratories, industrial tests, and agricultural markets. This purchase agreement with SciMed increases PHCHD’s stake in the company from 14.99% to 70%. Financial terms were not disclosed. "We are pleased to have taken this step to bring SciMed into the PHC Group as a consolidated subsidiary. In recent years, we have seen that life sciences research is making considerable progress in India and other emerging countries. Against the backdrop of increases in the prevalence and impact of conditions such as cancer, we expect more growth in the diagnostics business in the region. Through this deal to acquire the majority stake in SciMed, our Group will increase our footprint in emerging countries and give us the opportunity to accelerate business growth in the region," Michael Kloss, PHCHD President and CEO.