* Rutherford company making global push

Cancer Genetics Inc., a Rutherford-based DNA diagnostics company that focuses on developing genomic-based oncology tests and services, said Monday it officially agreed to buy Gentris Corp., a private medical services company with locations in the United States and China.

Last month, CGI released the details of the acquisition, which was not yet made official. CGI bought Gentris for about $4.75 million: $3.25 million in cash and $1.5 million in CGI stock, plus additional performance-based earnouts of up to $1.5 million. The transaction was treated as an asset purchase.

Gentris' headquarters are in Raleigh, N.C., and it has a facility in Shanghai.

According to a statement in the release made by Cancer Genetics CEO Panna Sharma on Monday, this deal "will serve as a strong foundation for the expansion of our programs into the clinical and hospital setting globally." He added, "The fact that large biopharma companies are continuing to invest heavily in China and that cancer is now the single largest cause of death in China, makes it important that CGI expand its operations and capabilities in this market."

Gentris was founded in 2001 and provides pharmacogenomic testing, which studies an individual's genetics in drug response, among other services.

CGI expects the deal to add about $5 million to $6 million to its annual sales, according to a news release detailing the acquisition. The company will also increase its contract backlog to over $18 million.

This deal will help CGI continue expanding its global reach. In May, the company purchased BioServe Biotechnologies Pvt. Ltd., a medical services company based in Hyderabad, India, for about $1.9 million, primarily in CGI stock and other deferred consideration. BioServe provides its clients with genomic services, including next-generation genotyping and DNA synthesis.

With the acquisitions of Gentris and BioServe, CGI will have about 60,000 square feet of lab space. CGI went public in April 2013.

Email: anzidei@northjersey.com

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Cancer Genetics agrees to buy Gentris

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