You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Romania's MedLife buys majority stake in Onco Team Diagnostic lab

Romania's MedLife buys majority stake in Onco Team Diagnostic lab MedLife

BUCHAREST (Romania), September 10 (SeeNews) - Romania's privately-owned medical services provider MedLife Group [BSE:M] said on Tuesday it has acquired majority ownership of Onco Team Diagnostic, a local pathologic anatomy and molecular biology laboratory.

Onco Team Diagnostic joins the group's laboratories that already provide services in this segment, MedLife said in a statement filed with the Bucharest Stock Exchange, BVB.

"This is the first step of the expansion and development project approved by the shareholders a few months ago. A sustained period of acquisitions will follow, at the end of which we want to consolidate our leading position," the president and CEO of MedLife Group, Mihai Marcu, said.

The value of the deal was not disclosed.

Bucharest-based Onco Team Diagnostic Laboratory has 6 years of activity on the market.

“We are pleased to become part of the largest private medical system. This partnership is primarily a medical partnership and our patients will benefit from multi-disciplinarity. At the same time, it is also a great opportunity to develop our business, thus benefiting from all the strategy and support of the group in the medical and management areas," Adina Balan, one of the shareholders of the laboratory, said.

According to company representatives, in 2018 the unit registered a turnover of 1.1 million euro ($1.21 million). Through the acquisition of the majority stake in Onco Team Diagnostic laboratory, MedLife group reaches a portfolio of 24 acquired companies, the last one announced being Badea Medica Center in Cluj-Napoca.

MedLife closed 2018 with a group consolidated pro-forma turnover of 804 million lei ($188 million/170 million euro), up 29% compared to 2017.

MedLife shares traded 1.56% higher at 32.5 lei on the Bucharest Stock Exchange as at 1324 CET on Tuesday.

($=0.9054 euro)