Indonesian lab chain Diagnos acquires biobank startup Asa Ren for $24m

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In a rare exit for Indonesia’s still-nascent biotech space, PT Diagnos Laboratorium Utama, a listed laboratory chain based in Jakarta, has announced plans to acquire Asa Ren, a DNA testing company, according to documents filed with the Indonesia Stock Exchange (IDX).

Diagnos aims to purchase a nearly 98% stake in Asa Ren, which is incorporated in Singapore but operates in Indonesia, for US$24 million. The deal will be done in a mix of equity (90%) and cash (10%).

Founded in 2016, Asa Ren is a digital biobank enterprise. It raised US$8.2 million in seed funding in February 2023 from investors like Kejora Capital, Northstar Ventures, and Diagnos.

Asa Ren claims to be the world’s most diverse biobank, with datasets encompassing Indonesia’s many ethnicities. Among its goals is to expedite drug discoveries, forecast infectious outbreaks, and optimize personalized therapies.

Diagnos has six locations across five cities in Indonesia and also offers a genomics lab as well as home care services. The company posted US$9 million in revenue with a net loss of US$846,000 for 2023.

Its shareholders are entities related to the Bunda chain of maternity hospitals, which is also listed on the IDX. Diagnos chairman Ivan Sini is also the co-founder and chairman of Moosa Genetics, an Indonesian cattle genetics startup.

Diagnos went public on the IDX in 2021. As of market close on April 18, it had US$27.5 million in market capitalization.

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