Avista Capital Partners, a private equity firm focused on healthcare, closed on the sale of pathology laboratory Inform Diagnostics to Fulgent Genetics.
Inform Diagnostics’ offerings include gastrointestinal pathology, dermatopathology, urologic pathology, and hematopathology, among other laboratory functions. The company currently provides services to approximately 1,300 clients who represent over 2,700 physicians.
Fulgent Genetics originally announced its definitive agreement to acquire Inform Diagnostics for approximately $170 million on April 18, 2022.
In 2017, Avista’s Fund IV carved out Inform Diagnostics from Miraca Life Sciences and worked with the newly recruited management team to create a standalone company. Shortly thereafter, Inform Diagnostics grew its capabilities via the acquisition of Therapath, a neuropathology laboratory based in New York and the expansion of its Newton, Massachusetts facility. During Avista’s ownership period, Inform Diagnostics executed on a host of corporate and growth initiatives, including the appointments of numerous senior team members, enhanced financial flexibility to drive corporate growth, and strengthened compliance policies and procedures.
“Inform Diagnostics’ precision and laboratory excellence have earned the trust of clinicians and enhanced patient care,” says Sriram Venkataraman, Avista Partner. “It has been a privilege to work with Inform’s dedicated team and we are confident they will continue to thrive and deliver outstanding results as part of Fulgent’s platform.”
Kirkland & Ellis served as legal counsel to Inform Diagnostics in connection with the transaction.
“Avista has been a true partner, guiding our strategic growth and supporting our organization, particularly as we navigated the challenges of the pandemic,” says Darryl Goss, Inform Diagnostics’ CEO. “I am proud to have worked alongside a talented group of individuals, who not only believed in and invested in our technical innovation and continuous improvement, but also showed great care and concern for our employees, clients, and the patients we serve. Being acquired by Fulgent is an excellent outcome for our organization, allowing us to build upon the technologically driven initiatives started with Avista, and furthering our commitment to providing exceptional quality and service.”