Fulgent Agrees to Buy Texas Testing Firm Inform Diagnostics for $170M, boosting its non-Covid testing business.
In just over two years, Temple City-based Fulgent Genetics Inc. has grown from a modest genetic testing company with $32 million in annual revenue to a behemoth with nearly $1 billion in revenue last year, all because of massive Covid testing contracts.
But all along, one question persisted: What happens when the Covid wave subsides?
On April 18, that post-Covid picture began to emerge as Fulgent announced it had agreed to buy Irving, Texas-based Inform Diagnostics Inc. from New York private equity firm Avista Capital Partners for $170 million in cash. Pending approvals from the companies’ respective boards and various regulators, the deal is expected to close later this quarter.
Inform Diagnostics is one of the largest independent pathology laboratories in the United States, providing patient diagnoses in gastrointestinal pathology, dermatopathology, hematopathology and several others, along with Covid testing. It has laboratories…
